GSE adds nearly GH₵2.2billion in single day as MTN Ghana, ADB and SIC ignite rally

The Ghana Stock Exchange (GSE) staged one of its most spectacular single-day rallies in recent memory on Wednesday, as investor wealth surged by 2.22 billion cedis in just one trading session.

The total market capitalisation of the bourse jumped from 279.77 billion cedis on Tuesday to 281.99 billion cedis by the close of Wednesday's trading – a gain of 2.22 billion cedis. The benchmark GSE Composite Index simultaneously smashed through the psychological 15,000 barrier, but it is the sheer scale of wealth creation that has left market participants breathless.

Total turnover remained modest at just over 5.1 million cedis from 1.05 million shares traded, but the price action was nothing short of electric.

MTN Ghana leads the charge after historic dividend announcement

The undisputed star of the session was Scancom PLC, trading as MTNGH. Fresh off the release of its blockbuster first-quarter results and the announcement of a new quarterly dividend policy, the telecoms giant surged by 22 pesewas to close at 6.77 cedis. The stock traded actively, with over 254,000 shares changing hands, as investors scrambled to position themselves ahead of the June 3 ex-dividend date. With a total payout of 6 pesewas per share now on the table for the first quarter alone, MTN Ghana is fast becoming the darling of income-seeking investors on the GSE. The company's market capitalisation now stands at nearly 89.6 billion cedis, cementing its position as the most valuable listed entity on the Accra bourse.

ADB springs to life

In a surprise move, Agricultural Development Bank, trading as ADB, jumped by 24 pesewas to close at 5.30 cedis. The bank, which has been largely dormant for much of the year, suddenly found buyers willing to pay a premium. While volumes were thin at just 1,000 shares, the price movement was enough to catch the attention of market watchers. ADB now sits at a fresh year-high, and its market capitalisation climbed to 8.76 billion cedis as a result of the rally.

SIC Insurance added another 17 pesewas to close at 5.65 cedis, continuing its steady march upward. The insurer has now gained 27 pesewas over the past two sessions, and with a price-to-earnings ratio hovering around 16 times earnings, there may still be room to run. Nearly 20,000 shares traded as investors warmed to the counter. SIC's market value now exceeds 1.1 billion cedis.

Atlantic Lithium holds firm at year-high

Atlantic Lithium traded heavily, with nearly 26,000 shares crossing the board, though the price remained unchanged at 7.80 cedis. The stock has now hit a plateau after a stunning 60-pesewa rally earlier in the week, and the high volume suggests that buyers and sellers are locked in a fierce battle at these levels. The company's market capitalisation remains steady at 5.41 billion cedis.

The Laggards: Profit-taking hits Fan Milk, GCB and Guinness

Not every stock joined the wealth-creation party. Fan Milk was the day's biggest loser in absolute terms, tumbling 26 pesewas to close at 12 cedis. The dairy giant saw over 12,000 shares traded as sellers emerged in force, shaving millions off its market value.

GCB Bank continued its difficult week, shedding another 16 pesewas to close at 41.43 cedis. The bank has now lost more than one cedi over the past three sessions, and the selling pressure shows no immediate signs of abating. GCB's market capitalisation slipped to 10.98 billion cedis.

Guinness Ghana Breweries dipped by 11 pesewas to close at 14.99 cedis, while Cal Bank eased by 1 pesewa to 0.90 cedis after heavy trading of over 565,000 shares. Ecobank Transnational, trading as ETI, lost 4 pesewas to close at 2.20 cedis, trimming its market value to 52.95 billion cedis. Access Bank also slipped by 5 pesewas to close at 30.60 cedis.

Gainers at a glance

Scancom PLC (MTNGH) – Up 0.22 cedis
Agricultural Development Bank (ADB) – Up 0.24 cedis
SIC Insurance (SIC) – Up 0.17 cedis

Laggards at a Glance

Fan Milk (FML) – Down 0.26 cedis
GCB Bank (GCB) – Down 0.16 cedis
Guinness Ghana Breweries (GGBL) – Down 0.11 cedis
Ecobank Transnational (ETI) – Down 0.04 cedis
Access Bank (ACCESS) – Down 0.05 cedis
Cal Bank (CAL) – Down 0.01 cedis

Market Snapshot

Total shares traded: 1,051,216
Total value traded: 5.14 million cedis
Market capitalisation: 281.99 billion cedis – up 2.22 billion cedis from Tuesday
GSE Composite Index: 15,098.22 – up 220.01 points