The Ghana Stock Exchange (GSE) witnessed a bullish run during the penultimate trading week, with most equities posting remarkable gains despite a lone slip from the NewGold Exchange-Traded Fund (ETF).

Out of the 18 equities that participated in trading, four stocks advanced while just one retreated. The week’s trading session showcased strong investor sentiment, as the benchmark indices continued their upward momentum.

Ecobank Ghana emerged as the standout performer, surging by a remarkable 10% to close at GHS 13.20 per share. CalBank, Ghana Oil Company (GOIL), and Enterprise Group also contributed to the rally with respective price appreciations of 3.13%, 2.94%, and 0.3%. The only blemish came from the NewGold ETF (GLD), which shed 0.04% to close at GHS 476.72.

Ecobank Ghana’s impressive rally was the highlight of the session, affirming investor confidence in the banking giant’s performance and growth prospects. The 10% appreciation not only solidified Ecobank’s market dominance but also boosted the GSE Financial Stocks Index (GSE-FSI), which gained 1.22% to reach 3,849.00 points.

The performance of financial equities has been instrumental in sustaining the market’s bullish momentum. With CalBank also recording notable gains, investors are increasingly betting on the resilience of Ghana’s financial sector despite prevailing macroeconomic challenges.

NewGold ETF: A Lone Loser With a Strong Track Record

While the NewGold ETF ended the week as the sole loser, the marginal 0.04% dip did little to dent its strong year-to-date performance. GLD began the year at GHS 390.50 and has since gained 22.1%, ranking 18th on the GSE in terms of year-to-date performance. Over the past four weeks, the ETF has surged 15%, placing it among the top 10 best-performing stocks on the market.

Furthermore, GLD remains one of the most actively traded equities, ranking as the 10th most traded stock over the last three months. Between July 7 and October 2, 2025, the ETF recorded a total volume of 334,824 shares valued at GHS 126 million, averaging 5,315 traded shares per session. This level of liquidity and performance signals ongoing investor interest in gold-backed assets, especially in uncertain economic climates.

Market Indices on a Winning Streak

The bullish momentum was also reflected in the market indices. The GSE Composite Index (GSE-CI) climbed 35.34 points (0.42%) to close at 8,365.89. This represents a one-week gain of 3.97%, a four-week surge of 14.28%, and a staggering year-to-date rally of 71.13%.

Similarly, the GSE-FSI continued its strong run, with a one-week gain of 2.96%, a four-week gain of 11.82%, and a year-to-date jump of 61.67%. These figures underscore the resilience of Ghana’s financial and equity markets, which have significantly outperformed regional peers in 2025.

Trading activity during the week was robust, with a total of 1,524,933 shares exchanged, corresponding to a market value of GHS 8.31 million. Compared to the previous trading day, volumes surged by 32%, while turnover spiked by 167%, signaling heightened investor participation and confidence in the GSE.

MTN Ghana dominated trading volumes with an impressive 1.38 million shares traded. Other active equities included Enterprise Group (47,270 shares), Guinness Ghana Breweries (29,208 shares), and SIC Insurance Company (26,240 shares).

With increased liquidity and higher turnover, the GSE continues to demonstrate its growing appeal to both institutional and retail investors, providing a fertile ground for capital mobilization.

The market’s upward momentum also translated into a boost in capitalization, which now stands at GHS 165 billion. This milestone not only reflects the value creation within Ghana’s equities market but also strengthens its position as a leading investment destination in West Africa.

The sustained growth trajectory indicates that the GSE is playing a pivotal role in channeling funds into productive sectors of the economy, a development that aligns with the government’s broader economic transformation agenda.

The penultimate trading week highlighted the resilience of Ghana’s stock market, with gains far outweighing losses. While NewGold ETF registered a minor dip, its year-to-date performance suggests long-term value for investors seeking exposure to gold-backed assets.

Meanwhile, Ecobank Ghana’s double-digit rally and the steady performance of other financial stocks point to renewed investor confidence in the banking sector’s profitability. With the GSE Composite Index and Financial Stocks Index both recording historic gains, analysts predict sustained bullish activity as the market approaches the final quarter of the year.