GSE Market Wrap: Banking Stocks Drive Price Gains
By Praisebell Rosemond Larbi
The Ghana Stock Exchange (GSE) delivered one of its strongest trading sessions in recent weeks on Wednesday, 26 November 2025, as a wave of high-volume activity largely dominated by MTN Ghana, combined with notable gains from key banking stocks to push the market firmly higher. The session reinforced the sustained bullish sentiment that has defined the equities market throughout the year.
Trading activity was exceptionally robust, with total market volume reaching 15.5 million shares, generating an impressive GH¢69.46 million in turnover. MTN Ghana once again proved to be the market’s primary liquidity driver, accounting for over 14.6 million shares, more than 94 percent of the day’s total volume. The telecom heavyweight edged up by GH¢0.01 to GH¢4.21, a modest rise but a significant marker given the depth of trade behind the move. Market analysts noted that the consistent demand for MTN shares highlights renewed interest in large-cap counters with stable earnings prospects.
The banking sector added further strength to the rally, powering the day’s major price gains. Ecobank Ghana (EGH) emerged as the standout performer, surging by GH¢1.39 to close at GH¢22.00, its highest level so far this year. The strong advance reflects growing investor optimism in tier-one banking stocks following improving sector fundamentals and continued recovery in credit conditions.
Standard Chartered Bank (SCB) and CalBank (CAL) also posted positive price movements. SCB inched up by GH¢0.01 to GH¢29.13, while CAL added GH¢0.01 to finish the session at GH¢0.39. Although the gains were marginal, their direction added to the broader narrative of strengthening sentiment in the financial sector. Analysts attribute this building momentum to strong interim earnings, sharper cost efficiencies, and the improving macroeconomic environment.
The only counter to buck the trend was Ecobank Transnational Inc. (ETI), which slipped GH¢0.04 to GH¢0.86, trading close to 30,000 shares. ETI has shown heightened volatility in recent weeks, and Wednesday’s dip further highlighted the contrast between its performance and the broader financial sector, which has largely sustained upward pressure.
Driven by the day’s widespread optimism, the GSE-Composite Index advanced by 23.57 points to close at 8,610.88, maintaining its strong upward momentum. The Financial Stocks Index also jumped 18.11 points to 4,460.55, reflecting the improving fortunes of listed banks.
With year-to-date returns now standing at 76.14% for the Composite Index and an even stronger 87.36% for the financials, the GSE remains one of Africa’s top-performing markets in 2025. Investor appetite appears resilient as the bourse enters the final month of the year, supported by stabilising macroeconomic indicators and renewed confidence in corporate earnings.
