Ghana’s stock market bounced back on Wednesday, September 3, reversing the previous day’s slip as banking and gold-backed shares pushed the indices higher, even though telecom giant MTN ended slightly lower.
The rebound was led by GCB Bank, which jumped nearly 10% to 11.02 cedis, its best in months. The surge gave financial stocks a strong lift, while the NewGold exchange-traded fund also gained, reflecting investor appetite for gold as a hedge in the market.
Trading was brisk, with more than 4.4 million shares worth 14.2 million cedis changing hands, almost double Tuesday’s turnover and well above Monday’s subdued start to the week.
The day’s performance lifted the main GSE Composite Index to 7,320.21 points and pushed the financial index up to 3,442.21. Market capitalization closed at 149.5 billion cedis.
MTN Ghana once again dominated activity with over 3.4 million shares traded, but its price edged down by a pesewa to 3.84 cedis. That meant the stock provided liquidity but little support to the indices.
The broader picture shows a market building momentum through the week, with activity and values climbing steadily since Monday. Year-to-date, the composite index is up almost 50%, while financials have gained more than 44%, underlining investor confidence spread across banks, telecoms, and gold.
