The Ghana Stock Exchange (GSE) closed its 6,939th trading session on April 4, 2025, with subdued activity, as the Composite Index (GSE-CI) edged up 0.51% to 6,097.08 while the Financial Stocks Index (GSE-FSI) dipped marginally by 0.04% to 3,062.13.
Total market capitalization rose to GH¢135.5 billion, driven by gains in non-financial stocks, though trading volumes plummeted to 369,955 shares from 1.18 million the previous day, reflecting cautious investor sentiment.
GCB Bank PLC dominated the session, accounting for 77.5% of the day’s GH¢2.12 million traded value with 286,815 shares exchanged at GH¢7.10 each. MTN Ghana (MTNGH) followed, rising 0.98% to GH¢3.07, while Cal Bank PLC slipped 1.37% to GH¢0.72 amid active trading. Notably, 18 equities—including Aluworks PLC and Samba Foods Limited on the Ghana Alternative Market (GAX)—recorded zero transactions, underscoring persistent liquidity challenges for smaller listings.
Financial metrics from the GSE’s Profile of Listed Companies reveal stark contrasts: GCB Bank’s price-to-earnings (P/E) ratio of 1.57 signals potential undervaluation against regional peers, while GAX-listed firms like SAMBA Foods reported negative earnings per share (EPS) of -GH¢0.09, with P/E ratios marked “not meaningful” due to losses.
The session’s low turnover aligns with broader patterns of investor caution, exacerbated by macroeconomic pressures such as currency volatility and inflation. GCB Bank’s outsized role highlights its liquidity appeal in a market where 60% of listed companies have yet to declare dividends for 2024. The GAX’s stagnation—evident in zero trades for five consecutive sessions—reflects structural hurdles in attracting capital to smaller enterprises, despite regulatory efforts to diversify the exchange.
Analysts note that while the GSE-CI’s 0.25% year-to-date gain indicates resilience, the reliance on a handful of active counters like GCB and MTN Ghana underscores systemic risks. “A diversified investor base is critical for sustained growth,” remarked a local market strategist, pointing to the need for enhanced corporate disclosures and policy stability to bolster confidence. With earnings season approaching, stakeholders will scrutinize updates from firms like Fan Milk PLC and Clydestone Ghana, both recently granted extensions to file audited financials, for signals of recovery or further strain.
