Ghana’s equity market extended gains for a second straight session on Tuesday, with the benchmark GSE Composite Index rising 0.28% to close at 6,054.80, driven by energy and banking stocks.
The Financial Stocks Index edged up 0.11% to 2,892.19, while total traded value hit GH¢1.23 million, dominated by Scancom PLC (MTNGH), which saw 222,757 shares change hands.
Total Petroleum Ghana PLC (TOTAL) surged 10% to GH¢18.11, marking its sharpest single-day gain in six months, while Cal Bank PLC (CAL) rose 3.8% to GH¢0.80 on robust turnover of 78,976 shares. Banking heavyweight GCB Bank PLC (GCB) held steady at GH¢6.53, contributing to the sector’s resilience. Market capitalization nudged up 0.03% to GH¢133.24 billion, buoyed by MTNGH’s GH¢42.36 billion valuation.
The session saw muted activity in the Alternative Market (GAX), with Samba Foods Ltd (SAMBA) and others recording zero trades. Aluworks PLC (ALW), trading flat at GH¢0.10, remained a cautionary tale with negative earnings per share, underscoring challenges in Ghana’s industrial sector. Analysts noted thin liquidity outside top-tier stocks. “The rally is narrow but signals cautious optimism,” said Accra-based trader Nana Kwaku Asare. “Investors are banking on energy sector reforms and stable forex policies to sustain momentum.”
Trading volumes dipped slightly from the prior session, with the NewGold ETF (GLD) seeing a rare 2.7% drop to GH¢431.51. Meanwhile, Ecobank Transnational Inc. (ETI) and Societe Generale Ghana (SOGEGH) attracted moderate interest, though most equities ended flat. With inflation at 23.8% and the 2025 budget pending, market watchers warn gains remain fragile. “This isn’t a broad-based recovery,” cautioned analyst Esi Mensah. “Until structural reforms materialize, volatility will dominate.”
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