May was a strong month for investors on the Ghana Stock Exchange (GSE), with both the equities and fixed income markets showing impressive dynamics. Here’s what stood out:
1. The GSE Composite Index (GSE-CI) recorded a 0.90% gain in May, closing at 6,150.31 points and bringing its year-to-date return to 25.81%.
2. The GSE Financial Stocks Index (GSE-FSI) performed even stronger, increasing by 3.37% in May and lifting its year-to-date return to 35.13%.
3. SIC Insurance Company PLC was the top gainer of the month, with its share price rising sharply by 44.29%, reflecting renewed investor confidence in the insurer.
4. Access Bank Ghana PLC also delivered a strong performance, posting a 22.04% gain during the month.
5. Ecobank Ghana PLC and GCB Bank PLC saw notable gains, rising by 13.41% and 8.51% respectively, confirming continued investor interest in the banking sector.
6. Consumer-facing companies such as Fan Milk PLC, Unilever Ghana PLC, Guinness Ghana Breweries PLC, and Enterprise Group PLC all posted moderate gains ranging from 4.31% to 7.89%.
7. Oil marketing companies Ghana Oil Company PLC (GOIL) and TotalEnergies Marketing Ghana PLC registered price increases of 2.27% and 1.67% respectively.
8. Benso Palm Plantation PLC and Société Générale Ghana PLC also contributed to the market’s positive performance with price increases of 4.61% and 2.27% respectively.
9. Despite the general uptrend, a few stocks saw declines, with NewGold ETF dropping by 22.11%, CalBank PLC declining 10.77%, and Scancom PLC (MTN Ghana) slipping 1.32%.
10. On the fixed income side, Treasury bills continued to dominate, accounting for 49.38% of total trading volumes.
11. Government bonds remained a strong presence in the market, contributing 44.06% of the overall traded volumes.
12. Corporate bonds remained underwhelming, making up just 0.89% of total volumes traded, highlighting the need for deeper corporate debt market development.
May 2025 was another positive chapter for the GSE, with financial stocks leading a relatively broad-based market gain. However, select losses and subdued corporate bond activity suggest that investor attention remains focused on equities and sovereign debt instruments for now.
