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Stocks Rally as GSE-CI Advances 2.52% on Banking and Telecom Gains

6 months ago
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Stocks Rally as GSE-CI Advances 2.52% on Banking and Telecom Gains

Equities sustained their upward trajectory last week, with the benchmark GSE-Composite Index (GSE-CI) climbing 2.52% to close at 6,214.34 points, driven by strong performances in telecoms and banking stocks.

The broader market rally added 152.60 points to the GSE-CI, extending year-to-date gains to 27.12%. The GSE-Financial Stock Index (GSE-FSI) also edged 1.12% higher, ending the week at 3,129.19 points and bringing its YTD performance to 31.43% amid expectations of improved earnings by investors.

Trading volumes, however, slumped significantly, with total market turnover falling 38.86% week-on-week to GHS 31.16 million. Market capitalisation inched up to GHS 137.77 billion, reflecting the index’s overall positive movement.

Ecobank Ghana (ETI) led last week’s gainers, which advanced 3.45% to GHS 0.90, extending its extraordinary year-to-date return to over 190%. Société Générale Ghana (SOGEGH) and MTN Ghana also posted modest gains of 10% and 4% respectively, with MTN emerging as the most actively traded stock by volume—accounting for over 1.86 million shares valued at GHS 5.7 million.

On the downside, gold-backed ETF GLD tumbled 18.92% to GHS 441.08, weighed by a retreat in global gold prices and reduced investor appetite for safe-haven assets. CAL Bank and TotalEnergies Marketing Ghana also recorded marginal losses, sliding 4.41% and 0.41% respectively.

Despite the dip in trading activity, analysts expect bullish sentiments to persist on the Ghana Stock Exchange in the short term, underpinned by strong corporate earnings and stable macroeconomic fundamentals.

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