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Bull run intensifies: Banking stocks, MTN lead charge as GSE market cap breaches GH¢244billion

Kweku Zurek Business News Mar - 02 - 2026 , 17:17

The Ghana Stock Exchange kicked off the new month on a spectacular note, with the benchmark GSE Composite Index (GSE-CI) surging by an unprecedented 494.41 points to close Monday's trading session at a high of 13,350.54.

Trading data for the 7,164th session, held on March 2, 2026, revealed a market in full bull run, with the GSE Financial Stocks Index (GSE-FSI) also jumping 375.33 points to settle at 8,068.21.

Market capitalisation ballooned to GH¢244.52 billion, up significantly from Friday's closing figure of GH¢230.25 billion, as investors piled into equities ahead of first-quarter earnings expectations.

Total volume of shares traded for the session reached 4,914,348, with aggregate value hitting GH¢37,753,210.91—the highest single-day value recorded in recent months.

MTN Ghana soars to new peak on dividend news

The standout performer of the session was Scancom PLC (MTNGH), which rocketed to a new all-time high of GH¢5.76 per share, adding GH¢0.20 to its price on the back of overwhelming investor demand.

The telecommunications giant's surge followed the release of its full-year financial results for the period ended December 31, 2025, which showed robust earnings performance. In a move that delighted shareholders, the board declared a dividend of GH¢0.40 per share, representing a dividend yield of approximately 6.94 per cent based on the previous closing price.

A total of 2,654,330 MTNGH shares changed hands during the session, accounting for more than half of all trading activity and contributing GH¢15,277,208.23 to total market value. The stock's closing bid price of GH¢5.80 and offer price of GH¢6.11 suggest further upside potential in subsequent sessions.

Banking stocks lead the charge

The banking sector delivered stellar performances, with several institutions posting double-digit gains. Standard Chartered Bank Ghana PLC (SCB) emerged as a major winner, adding GH¢3.90 to close at GH¢42.95. GCB Bank PLC (GCB) followed closely with a gain of GH¢3.76, ending the day at GH¢42.01.

Access Bank Ghana PLC (ACCESS) continued its impressive run, appreciating by GH¢3.85 to close at GH¢42.40, while Societe Generale Ghana PLC (SOGEGH) added GH¢0.69 to reach GH¢11.09.

Ecobank Transnational Inc. (ETI) rose by GH¢0.12 to GH¢1.32, and Ghana Oil Company Limited (GOIL) gained GH¢0.43 to close at GH¢4.78.

Consumer and industrial stocks join the rally

Fan Milk PLC (FML) recorded significant investor interest, with 839,481 shares traded at a closing price of GH¢15.35. Benso Palm Plantation PLC (BOPP) added GH¢1.40 to close at GH¢74.00, while Guinness Ghana Breweries PLC (GGBL) gained GH¢0.90 to end at GH¢14.65.

SIC Insurance Company PLC (SIC) rose by GH¢0.38 to GH¢4.28, and Enterprise Group PLC (EGL) inched up marginally to GH¢7.48.

Laggards and unchanged stocks

Despite the broad-based rally, a handful of stocks remained unchanged. Cal Bank PLC (CAL) held steady at GH¢0.88 despite heavy trading volume of 926,961 shares. Agricultural Development Bank (ADB), AngloGold Ashanti (AGA), Aluworks (ALW), and several others recorded no price movement.

No stock closed in negative territory during Monday's session, underscoring the strength of the market-wide advance.

Market summary

The GSE-CI has now gained 52.23 per cent since the start of the year, while the financial stocks index has delivered a 73.62 per cent return. Analysts attribute the sustained rally to improving corporate earnings, favourable macroeconomic conditions, and renewed foreign investor interest in Ghanaian equities.

The next trading session will determine whether the market can maintain its momentum or if profit-taking will temper gains.