The Ghana Stock Exchange (GSE) recorded cautious optimism during Trading Session 6919 on March 4, 2025, with key indices inching upward amid mixed activity across sectors.
The GSE Composite Index (GSE-CI) rose 2.4% to close at 5,909.31 points, while the Financial Stocks Index (GSE-FSI) gained 1.7%, reflecting renewed confidence in banking equities despite lingering volatility in broader markets.
Banking Sector Dominates Volumes
Scancom PLC (MTNGH), parent company of telecom giant MTN Ghana, emerged as the day’s top trader, with 138,227 shares exchanging hands at GH¢3.10 apiece—a 3.3% increase from its opening price. The transaction contributed GH¢427,901 to the day’s total traded value of GH¢683,144.66. Banking stocks also saw robust activity: Cal Bank Ltd (CAL) surged 8.5% to GH¢0.64, with 217,968 shares traded, while Access Bank Ghana (ACCESS) hit a year-high of GH¢7.50, up 10% from its previous close.
“Investors are cautiously rotating into liquid banking stocks amid inflationary pressures,” said a market analyst familiar with the session, speaking anonymously. “The rally in MTN and Access Bank signals confidence in sectors with stable revenue streams.”
Stagnation Shadows Small Caps
Despite gains elsewhere, several equities flatlined. Agricultural Development Bank (ADB), Aluworks (ALW), and Cocoa Processing Co. (CPC) recorded zero trades, underscoring waning interest in smaller-cap stocks. ALW, priced at GH¢0.10—a fraction of its 2018 peak—remains emblematic of struggles in the manufacturing sector. Meanwhile, the Ghana Alternative Market (GAX), designed for emerging firms, saw no activity for Samba Foods Ltd (SAMBA) and others, highlighting investor wariness of high-risk ventures.
Dividend Drought Persists
Notably, no listed companies announced dividends for the 2024 financial year, per the Profile of Listed Companies sheet. Unilever Ghana (UNIL), despite a market cap of GH¢1.22 billion, maintained its zero-dividend policy, while MTNGH’s modest GH¢0.24 per share payout from 2024 marked the sole exception. Analysts attribute the trend to companies prioritizing liquidity over shareholder returns amid economic headwinds.
Indices Reflect Cautious Growth
Year-to-date, the GSE-CI has climbed 20.8%, buoyed by gains in heavyweight stocks like AngloGold Ashanti (AGA) and Tullow Oil (TLW). However, negative earnings per share (EPS) figures for firms like Intravenous Infusions Ltd (IIL) (-GH¢0.0003) and Samba Foods (-GH¢0.09) reveal underlying stresses in niche sectors.
Regulatory Spotlight
The session’s muted activity follows calls by the ECOWAS Sub-Committee of Naval Chiefs for enhanced maritime security—a nod to concerns over regional trade stability. With 95% of Ghana’s imports reliant on Gulf of Guinea routes, investors remain sensitive to geopolitical risks.
As trading closed, market capitalization stood at GH¢131.44 billion, a 1.7% increase from the previous session. While banking and telecom stocks drive momentum, analysts urge caution. “The indices mask fragility,” warned Accra-based economist Kwame Asare. “Until SMEs and GAX listings attract sustained interest, growth remains lopsided.”
Next Session Outlook: Traders await MTNGH’s Q1 earnings and potential policy shifts from the Central Bank’s March meeting. The GSE opens March 5 with all eyes on energy and fintech sectors.
Data sourced from Ghana Stock Exchange Trading Session 6919 filings. Market close: 3:00 PM GMT, March 4, 2025.
