SIC Brokerage Limited has maintained “buy” recommendations for ten selected stocks on the Ghana Stock Exchange (GSE). This decision follows a period where the GSE Composite Index peaked at an 81.39% year-to-date return before easing to 68.37% as of June 26, 2026.
The brokerage asserts that underlying investor confidence in the equities market remains firm. Factors contributing to this confidence include long-term growth prospects for listed companies, sustained dividend expectations, and a broadly stable macroeconomic backdrop. This resilience is notable despite a recent market correction driven by profit-taking after a rapid rise in share prices.
Ghana’s equities market earlier delivered one of its strongest first-half performances in recent years. The GSE Composite Index reached 15,908.77 points, showcasing significant investor appetite. This performance significantly outpaced the 27.76% return recorded over the same period in 2025. The GSE Financial Stocks Index followed a similar trajectory, achieving a 77.63% year-to-date return, or 8,254.88 points.
According to SIC Brokerage’s Stock Recommendation Report for the second quarter of 2026, the initial rally moderated due to investors taking profits. This occurred after the release of full-year 2025 and first-quarter 2026 earnings reports. SIC Brokerage observed sell-offs in companies where price appreciation had outpaced their earnings growth.
The brokerage listed Benso Oil Palm Plantation, MTN Ghana, TotalEnergies Marketing Ghana, Ecobank Ghana, GCB Bank, Societe Generale Ghana, Enterprise Group, SIC Insurance, Fan Milk, and First Atlantic Bank among its buy recommendations. For instance, SIC Brokerage placed a long-term buy recommendation on Benso Oil Palm Plantation. This is due to its stable long-term growth potential and consistent dividend payouts. The stock traded at GHS 79.99, with a price-to-earnings multiple of 36.45 times.
Clydestone Ghana emerged as the market’s top-gainer, with a 541.30% year-to-date increase to GHS 2.95. SIC Insurance followed with a 402.50% gain to GHS 6.03. Republic Bank Ghana rose by 237.69% to GHS 4.39. Intravenous Infusions advanced by 220.00% to GHS 0.16. Ecobank Transnational Incorporated gained 194.81% to GHS 2.27. Enterprise Group recorded a strong 188.79% gain to GHS 10.05. Conversely, only two stocks, TotalEnergies Marketing Ghana and NewGold, registered declines of 10.67% and 3.75%, respectively.
SIC Brokerage noted important key economic indicators. The policy rate stands at 14.00%, inflation is at 3.70%, and the 10-year bond yield is 14.70%. GDP growth is 6.40%, and the dollar-to-cedi exchange rate is GHS 11.29. These indicators provide a stable foundation supporting investor confidence in the market.
The market’s direction for the rest of 2026 will depend on several factors. These include second-half 2026 corporate results, competition from fixed income yields, and the stability of current macroeconomic conditions. Investors will closely watch these areas to gauge future market performance and potential investment opportunities.