GSE: Banking Stocks Rise While MTN and CalBank Fall
By Praisebell Rosemond Larbi
The Ghana Stock Exchange (GSE) began the week on a mixed note as gains in banking and gold-backed equities were offset by declines in MTN Ghana and CalBank.
By the close of trading on Monday, November 3, 2025, the GSE Composite Index (GSE-CI) slipped 15.54 points to end at 8,369.81, while the Financial Stocks Index (GSE-FSI) climbed 37.95 points to 4,231.85. Despite the slight pullback, the broader market remains upbeat this year, up 71.05 percent year-to-date on the composite index and 77.09 percent on the financial side, underscoring the strong investor sentiment that has characterized 2025.
Trading volumes remained healthy, with 325,018 shares worth GH¢1.33 million changing hands. Market activity was led by MTN Ghana, which accounted for 121,435 shares, though its share price fell GH¢0.04 to close at GH¢4.16. The telecom giant’s decline weighed on the composite index after a steady run in recent weeks.
The banking sector, however, provided some balance, emerging as the session’s bright spot. GCB Bank surged GH¢0.53 to end at GH¢17.50, buoyed by renewed investor confidence in its strong third-quarter earnings and dividend outlook. Societe Generale Ghana also gained GH¢0.33 to GH¢3.74, while Ecobank Ghana and Clydestone Ghana each advanced GH¢0.02, contributing to the upward push in financial stocks.
Not all financial counters fared well, however. CalBank shed GH¢0.04 to close at GH¢0.45, marking a reversal from its modest gains last week. Analysts attributed the loss to mild profit-taking and weaker-than-expected trading interest on the counter.
In the commodities segment, NewGold ETF recorded a notable gain of GH¢4.00 to settle at GH¢450.00, tracking stronger global gold prices as investors sought safe-haven assets amid heightened geopolitical tensions in the Middle East.
At the close of trading, the market capitalization stood at GH¢166.36 billion, slightly lower than the previous session but still reflecting a resilient equities environment dominated by strong financial and commodity-linked performances.
Market watchers said the mixed start to the week underscores shifting investor sentiment as the year-end approaches, with portfolios being rebalanced between growth and defensive assets.
Investors are looking at sectors with sustainable earnings and dividend potential, particularly banking and consumer goods, while trimming exposure to overbought counters like MTN.
The GSE’s strong year-to-date rally continues to draw attention from both local and offshore investors, and analysts expect moderate volatility through November as earnings reports and macroeconomic signals shape trading directions.
