The Ghana Stock Exchange (GSE) recorded a significant increase in its market capitalisation, reaching GHS 292.06 billion by the close of trading on July 24. This marks a weekly gain of GHS 4.49 billion, or 1.56%, from the GHS 287.57 billion reported the previous week. The benchmark GSE Composite Index (GSE-CI) also advanced, closing at 15,330.57 points, a 2.63% rise from 14,937.92 points.
This upward movement in market value and indices occurred despite a notable contraction in trading activity. Total volume traded dropped by 61.92% to 11.51 million shares, down from 30.24 million shares in the prior week. Similarly, total value traded fell sharply by 87.02% to GHS 48.12 million, compared with GHS 370.67 million in the preceding week. This suggests that while prices for selected stocks continued to rise, fewer transactions supported the rally.
The sustained rally on the GSE reflects a broader trend of investor confidence in specific sectors, particularly technology. The market's year-to-date return for the GSE Composite Index now stands at an impressive 74.80%. This performance is crucial for Ghana's economic narrative, indicating a resilient equity market even amidst fluctuating liquidity. The market is now less than GHS 8.00 billion away from the psychologically significant GHS 300.00 billion mark, underscoring the scale of this year's equities rally.
ICT stocks were the primary drivers of this week's market performance. The sector accounted for 39.54% of total market volume, with 4.55 million shares traded. In terms of value, ICT stocks represented 63.70% of total market turnover, amounting to GHS 30.66 million. MTN Ghana (MTNGH) was a dominant force, contributing GHS 30.00 million in value traded, which is approximately 62.35% of the total market turnover for the week. MTNGH also led volumes with 4.40 million shares traded, closing the week at GHS 7.00, up from GHS 6.57.
The concentration of trading in a few large-cap stocks, such as MTN Ghana, highlights a market where a select group of companies disproportionately influences overall performance. This trend, where a few strong performers carry the market, is a key characteristic to monitor. Investors will be watching to see if this momentum can be sustained and if liquidity improves in the coming weeks, potentially broadening market participation beyond these dominant counters.
Beyond ICT, the food and beverage sector was the second-largest by value traded, recording GHS 7.60 million. The finance sector followed closely with GHS 7.35 million. Kasapreko was the second-most active stock by both value and volume, with GHS 6.74 million traded across 3.27 million shares. Other significant contributors to value traded included GCB, Ecobank Ghana, and CAL Bank, collectively accounting for a substantial portion of the weekly turnover alongside MTNGH and Kasapreko.
On the price movement table, Intravenous Infusions emerged as the week's top performer, surging 57.14% to close at GHS 0.66. Its year-to-date gain now stands at an extraordinary 1,220.00%. Hords also saw a significant weekly gain of 44.44%, closing at GHS 0.26. Other notable gainers included Clydestone, Tullow Oil, and Dannex Ayrton Starwin. Conversely, Atlantic Lithium was the worst performer, declining 17.26% to GHS 7.00, while ZEN Petroleum Holdings Plc fell 9.09% to GHS 10.00.
The average price change for the week was 6.72%, indicating broad positive momentum among stocks that experienced price adjustments. Daily trading patterns showed fluctuations, with turnover value peaking on Tuesday, July 21, at GHS 19.35 million. This uneven activity suggests that while the market continues its upward trajectory, the underlying trading dynamics are subject to daily variations and concentrated interest in specific equities.