The Ghana Stock Exchange closed its final trading session ahead of the Christmas holidays on a mixed note, reflecting cautious investor sentiment amid thinning activity typical of the festive season.

While overall participation remained moderate, the market recorded selective gains that helped sustain its strong year-to-date performance. Leading the charge was the NewGold Exchange Traded Fund, which posted an impressive 2.13 percent appreciation to close at GHS 480.00 per share, reinforcing investor appetite for defensive and inflation-hedging assets.

In the aggregate, 20 listed equities participated in trading during the session, with three stocks recording gains, one posting a loss, and the rest closing unchanged. The mixed outcome underscored a market that remains fundamentally strong but increasingly selective as investors rebalance portfolios and adopt a wait-and-see approach ahead of the new year.

NewGold ETF emerged as the standout performer of the session, benefiting from sustained interest in gold-backed instruments amid global economic uncertainty and currency volatility. The ETF’s performance highlighted the continued relevance of alternative investment assets on the local bourse, particularly for institutional and long-term investors seeking value preservation.

Following closely was Ghana Oil Company, which recorded a 0.68 percent increase in its share price. The energy stock has maintained steady interest in recent weeks, supported by its dominant market position and stable earnings outlook. MTN Ghana also posted a modest gain of 0.24 percent, extending its positive momentum as one of the most actively traded equities on the exchange.

The combined gains from these stocks helped support the broader market, even as activity remained subdued compared to earlier sessions in the week.

CalBank Suffers Loss Amid Selective Sell-Off

CalBank was the only equity to record a decline during the session, shedding 3.23 percent of its value. The loss reflected selective profit-taking within the financial sector, particularly after strong rallies recorded by banking stocks over recent months. Despite the decline, market analysts note that the pullback does not necessarily signal a broader weakness in the banking space, but rather a short-term adjustment as investors lock in gains ahead of the holidays.

The financial sector continues to post impressive year-to-date gains, supported by improved earnings performance, balance sheet restructuring, and easing macroeconomic pressures.

Trading Activity Falls but Turnover Surges Sharply

Trading activity on the exchange showed mixed signals, with a noticeable decline in volume but a sharp improvement in turnover. At the end of the session, a total of 802,411 shares were traded, representing a market value of GHS 12.02 million. Compared with the previous trading day on Tuesday, December 23, this represented a 21 percent decline in trading volume.

However, market turnover surged by an impressive 558 percent, suggesting that higher-priced equities dominated the day’s transactions. This pattern is consistent with increased activity in stocks such as NewGold ETF and MTN Ghana, which tend to command significant value even when volumes are relatively low.

MTN Ghana recorded the highest trading volume with 480,630 shares changing hands. This was followed by CalBank with 225,607 shares, SIC Insurance Company with 49,697 shares, and NewGold ETF with 20,089 shares traded.

Composite Index Inches Up as Financial Index Softens

On the performance of the market indices, the benchmark GSE Composite Index edged up by 4.31 points, representing a marginal gain of 0.05 percent to close at 8,755.97 points. The index now reflects a one-week gain of 0.39 percent, a four-week gain of 1.96 percent, and a remarkable year-to-date gain of 79.11 percent, underscoring the resilience of the equities market in 2025.

In contrast, the GSE Financial Stocks Index declined by 0.19 percent to close at 4,628.69 points. Despite the dip, the index still posted a one-week gain of 0.99 percent, a four-week gain of 4.19 percent, and an exceptional year-to-date gain of 94.42 percent. These figures highlight the strength of financial stocks over the course of the year, even amid short-term fluctuations.

The market capitalisation of the Ghana Stock Exchange remained unchanged at GHS 171.9 billion, reflecting price stability across most listed equities. The steady market size suggests that while trading activity slowed ahead of the holidays, investor confidence in the broader market remained intact.

As the exchange heads into the Christmas break, market watchers expect subdued activity to persist in the early days of the new year, followed by renewed interest as investors reassess strategies based on earnings outlooks, macroeconomic trends, and policy direction.

Overall, the pre-Christmas session reinforced the narrative of a market closing the year on strong footing, supported by solid gains, resilient indices, and sustained confidence in key stocks such as NewGold ETF, MTN Ghana, and Ghana Oil Company.