Ghana’s equity market edged upward in Friday’s trading session, with the benchmark GSE Composite Index (GSE-CI) rising 1.06% to 6,109.28 points, while the Financial Stocks Index (GSE-FSI) climbed 2.73% to 2,980.16, buoyed by gains in banking and telecom heavyweights.
The advance marked a partial recovery from mid-week dips, lifting year-to-date returns to 0.25% for both indices. Total market capitalization settled at GH¢135.1 billion, up 1.47% week-on-week, as investors favored liquid large-caps amid thin trading in smaller equities.
Access Bank Ghana PLC (ACCESS) led turnover, with 436,386 shares traded at GH¢8.00 apiece—a 6.67% premium to its previous close—contributing GH¢3.49 million to the day’s GH¢4.41 billion total value. CAL Bank PLC (CAL) followed, seeing 578,251 shares change hands at GH¢0.80, while MTN Ghana (MTNGH) dipped marginally to GH¢3.16 despite a GH¢69,848 turnover. Notably, TotalEnergies Marketing Ghana (TOTAL) surged 9.94% to GH¢21.90, the session’s top gainer, on renewed demand for energy stocks.
The rally masked broader sluggishness: 23 of 31 equities on the Official List recorded zero trades, underscoring persistent liquidity challenges in mid- and small-caps. The Ghana Alternative Market (GAX) remained dormant, with Samba Foods Ltd (SAMBA) and others failing to attract bids. “Investors are parking funds in familiar names,” said Accra-based trader Kwame Ofori. “Until reforms deepen market participation, volatility will haunt second-tier stocks.”
Financial metrics revealed stark contrasts: AngloGold Ashanti (AGA) boasted the largest market cap at GH¢18.6 billion, while Aluworks PLC (ALW) languished at GH¢23.67 million with negative earnings. MTN Ghana, despite a price-to-earnings ratio of 8.3x, paid a 7.6% dividend yield—a rare bright spot in a market where 70% of listed firms skipped payouts in 2024.
Analysts flagged risks ahead, including cedi volatility and stalled progress on GAX liquidity measures. For now, the bourse’s fate hinges on foreign inflows and corporate earnings resilience. As one broker noted: “The indices tell a growth story, but the ticker tape whispers caution.”
