GCB Bank PLC stunned the market on the Ghana Stock Exchange on Tuesday with a massive nearly 10 per cent jump, adding GH¢3.49 to close at GH¢38.43. This impressive showing made GCB the undisputed headline act of session 7195. Investors appear to be rewarding the bank’s solid earnings profile, which shows earnings per share just under GH¢7.78 and a very attractive single-digit price-to-earnings ratio.
The Ghana Stock Exchange closed the second trading session of the week firmly in the green, as the GSE Composite Index advanced by over 156 points to settle at 14,489.62. The market’s bullish tilt was powered almost entirely by the banking and insurance sectors, even as total trading volumes cooled off from Monday’s levels.
Not far behind GCB PLC, was Ecobank Transnational Incorporated which also caught a bid, climbing GH¢0.12 to end the day at GH¢2.32, a gain of over 5 per cent. That move suggests renewed cross-border interest in the pan-African lender. Societe Generale Ghana also joined the winners’ circle, adding GH¢0.08 to close at GH¢6.29.
In the oil marketing space, Ghana Oil Company inched up GH¢0.06 to GH¢7.95, while CAL Bank gained GH¢0.03 to close at GH¢0.89. SIC Insurance rounded out the gainers’ list with a modest GH¢0.01 uptick to GH¢4.58.
On the flip side, the laggards’ list was remarkably short. Only one equity on the main board recorded a price decline. Enterprise Group Limited shed GH¢0.09 to close at GH¢11.20, making it the sole loser of the session. That narrow loss list points to broad-based buying interest across the rest of the market.
In terms of activity, CAL Bank was the most traded stock by volume, with over 1.26 million shares changing hands. However, MTNGH dominated by value, with over GH¢3.1 million worth of shares traded, even though its price remained flat at GH¢6.28. SIC Insurance also saw heavy action, with more than 600,000 shares traded.
The GSE Financial Stocks Index reflected the banking sector’s strength, soaring over 204 points to close at 8,725.15. Market capitalisation also improved, rising from GH¢272 billion to GH¢276 billion.
The alternative market, however, remained largely asleep. Samba Foods and Digicut recorded no trades, while Hords and Intravenous Infusions saw only negligible volumes. That part of the market continues to struggle for liquidity
