SIC Insurance, NewGold ETF Record Gains In Stock Market

The Ghana Stock Exchange (GSE) closed its midweek session on Wednesday, May 28, 2025, with a mixed performance from participating equities.

Of the twelve listed companies that traded during the session, only two recorded gains while one declined in value. SIC Insurance Company Limited emerged as the top gainer with an impressive 9.52% increase, followed by NewGold ETF, which advanced by 4.56%. However, telecom giant MTN Ghana continued its recent downtrend, shedding 1.96% in share value, extending a two-week losing streak that has drawn investor attention.

MTN Ghana (MTNGH) closed the session at GHS3.00 per share, representing a 6-pesewa drop from its previous day’s closing price of GHS3.06. This brings the total loss in value over the past two weeks to GHS0.54 per share, a development that has seen the stock retreat from its mid-May position of GHS3.54.

Despite this decline, MTN Ghana still boasts a 20% gain on its share price since the beginning of the year when it traded at GHS2.50. This ranks it tenth on the GSE in terms of year-to-date performance, underscoring its longer-term growth trajectory even amidst short-term volatility.

Interestingly, while MTN Ghana’s share price continues to slide, investor interest in the stock remains strong. The company led trading activity with the highest volume of 276,505 shares exchanged.

Ecobank Transnational Incorporated followed distantly with 44,073 shares traded, while CalBank and NewGold ETF recorded 22,683 and 11,470 shares traded, respectively. The elevated trading volume in MTNGH suggests that investors may be capitalizing on the dip, possibly seeing it as an entry point into a fundamentally sound stock.

Meanwhile, SIC Insurance’s share price surge to close at 0.23 GHS indicates renewed investor confidence in the insurer’s outlook. The 9.52% gain could be attributed to recent market optimism about the company’s fundamentals and possibly growing demand for insurance-related services in Ghana’s economic landscape.

NewGold ETF’s 4.56% gain also reflects a growing appetite for commodity-based investments, especially in times of uncertainty where traditional equities may appear volatile.

Index Declines

In terms of market performance, the benchmark GSE Composite Index (GSE-CI) declined by 62.73 points, a 1.01% drop, to close at 6,152.98. The weekly performance now stands at a 4.36% decline.

However, on a broader scale, the GSE-CI still maintains a 1.45% gain over the past four weeks and an impressive 25.87% gain since the beginning of the year. This demonstrates the market’s overall resilience despite intermittent sessions of mixed results.

Conversely, the GSE Financial Stocks Index (GSE-FSI) inched upward by 0.06% to close at 3,192.69 points. The financial index now records a 0.62% gain for the week, 3.01% for the past month, and a strong 34.1% year-to-date performance.

The financial sector continues to show remarkable strength, driven by robust performance from banking stocks and financial service providers, which remain attractive to long-term investors.

Market capitalization for the Ghana Stock Exchange stands at GHS136.8 billion, reflecting growing confidence in Ghana’s capital market.

Total turnover for the day reached GHS4,954,887.92 with 359,324 shares traded, marking a 7% increase in both volume and turnover compared to the previous trading day. This uptick in market activity underscores the dynamism within the equities space, particularly as investors adjust their portfolios based on current performance trends and outlooks.