Ghana’s stock market recorded its strongest performance of the week on Wednesday, as more investors poured into the market and pushed share prices higher. The GSE Composite Index (GSE-CI), which tracks the overall market, climbed 130.5 points to 7,596.49, extending its year-to-date gain to 55.39%.
The GSE Financial Stocks Index (GSE-FSI), which measures the performance of banks and other financial companies, also edged up by 6.38 points to 3,518.70, showing a 47.8% rise since the start of the year.
The jump in prices came alongside a sharp rise in trading activity. Investors bought and sold 4,467,270 shares on Wednesday, worth GH¢18,130,013.17. This was a big leap from Tuesday’s 2,465,715 shares worth GH¢8,931,684.40 and far higher than Monday’s quiet session of 355,634 shares valued at GH¢1,206,658.33. The steady build-up over the three days shows how trading has gathered pace as the week progressed.
Telecom giant Scancom PLC (MTNGH) was the standout mover, with 4,404,490 shares traded, making up nearly all of Wednesday’s activity. Its share price rose from GH¢3.90 to GH¢4.02, gaining GH¢0.12. Cal Bank PLC (CAL) also advanced, rising from GH¢0.52 to GH¢0.57, a gain of GH¢0.05, on 5,549 shares traded worth GH¢3,135.66. Clydestone Ghana PLC (CLYD) inched up from GH¢0.13 to GH¢0.14, up GH¢0.01, with 2,000 shares traded worth GH¢280.00.
Not all companies joined the rally. Unilever Ghana PLC (UNIL) slipped from GH¢20.40 to GH¢20.00, a fall of GH¢0.40, although only 675 shares worth GH¢13,539.20 changed hands. Meanwhile, NewGold (GLD), an exchange-traded fund that tracks the price of gold, rose from GH¢453.25 to GH¢458.90, gaining GH¢5.65 on 591 shares worth GH¢271,209.90, as investors sought safety in gold-linked assets.
If the momentum continues through the rest of the week, the GSE Composite Index could break through the 7,600-point mark, cementing one of its strongest weekly performances this year.
