The Ghana Stock Exchange (GSE) witnessed mixed fortunes on Thursday, June 26, 2025, as the fixed income market surged while equity activity slowed significantly to close out a relatively quiet week of trading.
Equity market volumes fell for the fourth consecutive day, with only 225,170 shares traded, marking a steep 91% drop from Monday’s opening volume of over 2.6 million shares. The value of trades also plunged by nearly 85%, from GHS 4.3 million on Wednesday to just GHS 646,933 on Thursday.
Despite the slowdown, both major indices, the GSE Composite Index and the GSE Financial Stock Index, closed flat at 6,245.66 and 3,371.40 respectively. Year-to-date, however, the equity market remains in strong shape, with the GSE-CI up 27.76% and the GSE-FSI leading at 41.61%, signaling continued investor confidence in banking and insurance stocks.
In contrast, the fixed income market gained significant momentum. Total traded volume rose nearly 28% day-on-day to GHS 533.6 million, boosted by a 55% jump in activity on new Government of Ghana (GOG) bonds, which recorded GHS 359.5 million in trades.
Corporate bonds also made a splash, contributing GHS 123.5 million to the day’s volume, up from zero the previous day. Treasury bill trades, however, slumped 72.7% to GHS 50.5 million, following strong mid-week participation.
Some of the largest deals of the day included:
- GOG Bond (11-Feb-2031) trading at a yield of 20.63%, closing at 61.39.
- CMB Corporate Bond (28-Aug-2028) valued at GHS 123 million, closing at 74.71.
- T-bill (17-Nov-2025) closed at 93.87.
Market Insights:
- The sharp fall in equity volumes may reflect a mix of profit-taking and wait-and-see sentiment ahead of upcoming Bank of Ghana policy announcements.
- The dominance of fixed income trades signals that investors are still keen on longer-tenor instruments with attractive yields.
- Market capitalization remained steady around GHS 137.27 billion, indicating resilience despite the equity slowdown.
