Ghana’s stock market opened the week on a firmer footing on Monday, supported by modest gains in banking, energy and telecommunications stocks, while a sharp decline in gold miner Golden Star Resources weighed on overall sentiment, market data showed.
Four equities ended the session in positive territory. GCB Bank rose 0.10 percent to close at about US$1.68 per share, while Standard Chartered Bank Ghana gained 0.10 percent to finish at roughly US$2.44. Energy retailer GOIL advanced 0.34 percent to around US$0.25, and telecoms heavyweight MTN Ghana added 0.24 percent to close at approximately US$0.35.
Golden Star Resources was the only stock to decline during the session, shedding 6.58 percent to end the day at about US$37.37 per share. Traders attributed the drop to profit-taking following recent gains, amid continued volatility in global commodity markets.
The benchmark Ghana Stock Exchange Composite Index (GSE-CI) gained 11.3 points to close at 8,781.55 points, pushing the market slightly into positive territory for the year with a year-to-date gain of 0.13 percent.
The financial stocks index, known as the DSI-20, also edged higher, rising by 0.50 points to 406.33 points, translating into a year-to-date increase of 0.12 percent. Analysts said the modest uptick reflected cautious optimism toward banking stocks, which continue to be viewed as bellwethers of broader economic stability.
Trading activity improved compared with the previous session. Market turnover rose by 26.57 percent day-on-day to about US$384,000, with a total of 1.07 million shares changing hands across 23 listed equities.
MTN Ghana, Golden Star Resources and SIC Insurance dominated trading activity, together accounting for about 81.8 percent of total market turnover. MTN Ghana remained one of the most actively traded stocks, reflecting sustained investor interest in the company’s strong market position, stable revenues and consistent dividend history.
Market participants said Monday’s performance suggested a measured return of confidence at the start of the week, with investors selectively adding exposure to stocks perceived as relatively defensive or offering predictable cash flows.
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“Investors are cautiously positioning themselves, especially in banking and telecoms, which are seen as more resilient in the current environment,” said a market analyst in Accra. “However, there is still sensitivity to price movements, particularly in stocks that have posted strong gains recently.”
The pullback in Golden Star Resources contrasted with the broader market trend and underscored the ongoing volatility in mining stocks. Although global gold prices have remained elevated, local investors have increasingly opted to lock in profits, especially after sharp price rallies.
Ghana’s equity market has shown tentative signs of recovery in recent months following a prolonged period of subdued activity, supported by improving macroeconomic indicators, easing inflationary pressures and increased policy clarity after the country’s debt restructuring process.
Nonetheless, analysts cautioned that sustained gains would depend on continued fiscal discipline, stable interest rates and stronger corporate earnings. Liquidity conditions and investor confidence remain key factors shaping market performance.
Looking ahead, investors are expected to closely monitor upcoming corporate earnings announcements, dividend declarations and macroeconomic data for further direction. Global developments, including commodity price movements and shifts in international financial markets, are also likely to influence sentiment on the Ghana Stock Exchange.
Despite the limited number of gainers, Monday’s session reinforced expectations that the market could maintain a gradual upward trajectory in the near term, provided macroeconomic stability holds and trading activity continues to improve.
