Financial Stocks Dominate GSE as Trading Closes with Active Volumes and Mixed Price Swings

Trading on the Ghana Stock Exchange (GSE) closed the week ending Friday, June 20, 2025, with mixed signals across the equities board, revealing a market that continues to show resilience but not without its share of price swings and shifting investor sentiment.

Throughout the week, several key stocks recorded notable price movements, with telecoms, banking, energy, and gold-backed securities dominating the trading charts. Although the GSE Composite Index (GSE-CI) edged slightly higher by the end of the week, daily movements showed volatility, particularly among financial and commodity stocks.

Top Movers: Telecommunication and Banking Shares in Spotlight

MTN Ghana (MTNGH), a market heavyweight, continued to be a bellwether for trading activity. The stock began the week at GH¢2.99 but oscillated during the sessions, eventually closing at GH¢2.95 on Friday, gaining GH¢0.01 from the previous day. In total, MTN Ghana traded millions of cedis in value over the five-day period, reflecting strong institutional interest and consistent retail participation.

Among the banks, Standard Chartered Bank (SCB) led price gains, closing the week at GH¢27.00, a jump of GH¢0.73 from its last closing price. SCB’s sharp uptick contributed significantly to the recovery seen in the GSE Financial Stocks Index (GSE-FSI), which rose by 9.84 points week-on-week.

GCB Bank (GCB) also recorded a healthy rise, climbing by GH¢0.43 to end Thursday at GH¢9.33. Similarly, Access Bank Ghana gained GH¢0.48, pushing its stock price to GH¢13.60, reaffirming investor confidence in its medium-term strategy and earnings performance.

Conversely, CAL Bank (CAL) lost some ground during the week. From Monday’s close of GH¢0.56, the stock slipped to GH¢0.54 by Friday, a drop of GH¢0.02, making it one of the few financial stocks to close lower.

Commodity-Linked Equities Show Mixed Fortunes

The gold-backed ETF, GLD, displayed significant volatility. After opening the week at GH¢388.43, the price dropped sharply to GH¢357.60 on Thursday and recovered slightly to GH¢358.88 by Friday. The week’s net movement represented a loss of nearly GH¢30, before rebounding marginally in the final session. This volatility mirrored the global uncertainty around commodity prices amid geopolitical tensions and safe-haven investor flows.

GOIL also registered modest gains, closing Monday at GH¢2.00, up GH¢0.01 from its opening. The energy stock remained relatively stable through the week with limited volume but steady bid interest.

Insurance and Oil Stocks See Activity

Insurance firm SIC maintained its momentum across multiple sessions. On Tuesday, it posted a GH¢0.06 rise to reach GH¢1.10, and further improved to GH¢1.12 by Thursday, before stabilising. SIC remains one of the most actively traded insurance equities, bolstered by strong retail appetite and sector optimism.

Meanwhile, TotalEnergies Marketing Ghana (TOTAL) experienced a minor dip midweek. After starting strong at GH¢25.03, it shed GH¢0.03 on Wednesday to end at GH¢25.00, indicating possible short-term profit-taking or waning buying interest at that price ceiling.

General Market Indicators Show Upward Momentum

Despite fluctuations in individual stocks, the GSE Composite Index closed at 6,210.28 points on Friday, up from 6,192.61 on Thursday, marking a gain of 17.67 points. The GSE Financial Stock Index also advanced to 3,323.44 points, sustaining its position as the best performing segment year-to-date, with a return of nearly 40%.

Market capitalization stood at GHS 136.84 billion on Friday, slightly up from earlier in the week, supported by strong trades in MTN Ghana, SCB, and GLD.

Weekly Trading Trend: Volumes, Index and Capitalization in Focus

Market activity over the week reflected alternating shifts in investor behaviour, with volume and value traded rising sharply on some days and dipping on others. Monday opened on a quiet note, recording 426,187 shares traded at a value of GHS 1.18 million, with the GSE-CI at 6,227.74 and market capitalization at GHS 136.97 billion.

Tuesday saw a dramatic spike in activity, with over 3.4 million shares traded worth GHS 12.68 million. Interestingly, the index fell to 6,176.29, suggesting that heavy selling weighed down the broader market, despite the surge in volume.

Wednesday marked a rebound, with the index climbing to 6,230.47 points, its highest for the week, even as volume dropped significantly to 254,134 shares. Market cap also recovered to GHS 137.00 billion, likely buoyed by banking and telecom trades.

Thursday maintained moderate momentum with 1.51 million shares traded and value exceeding GHS 7.58 million. However, the index dipped to 6,192.61, and market capitalization followed at GHS 136.62 billion.

By Friday, the market had regained composure, with the index closing at 6,210.28 points and market capitalization ticking up to GHS 136.84 billion. Volume for the day stood at 306,660 shares, valued at GHS 5.87 million.

Investor Sentiment and Outlook

The week’s activity suggests that investor appetite is shifting cautiously toward value-driven equities, especially in banking, telecom, and gold-backed assets. 

While some profit-taking was evident, particularly in CAL and GLD midweek, the broader market sentiment leaned positive.

With improved liquidity, stronger earnings outlooks, and the government‘s ongoing reforms under the Economic Reset Strategy, the GSE is poised for moderate, if not bullish, investor interest, provided global headwinds don’t escalate.

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