The Ghana Stock Exchange’s main index has climbed 63.1% this year, reaching 14,303.4 points after a 1.4% increase last week, as investors assessed strong nine-month results from listed companies.
Fan Milk’s profit after tax rose fourfold to GH¢173.3m in the nine months to September, while Unilever Ghana’s increased 205.4% to GH¢180.6m, according to IC Insights.
Telecoms, banks and consumer companies led last week’s advance in the GSE Composite Index (GSE-CI), IC Insights said. Although nine shares fell compared with three that gained, increases in heavily weighted stocks lifted the overall index.
GCB Bank was the strongest performer, rising 4.6% to GH¢42.08. Societe Generale Ghana was the biggest faller, declining 7.4% to GH¢4.63.
GCB shares have more than doubled from their 2025 closing price of GH¢20.11, according to GSE data. The bank’s third-quarter profit rose 39% to GH¢629.11m.
Weekly turnover increased 2.3% to US$4.8m, with Scancom, which trades as MTN Ghana, accounting for 81.6% of the value traded. MTN Ghana reported a 43% increase in nine-month profit to GH¢7.8bn.
The index closed 2025 at 8,770.25 points after gaining 79.4%, its strongest annual performance since 2004, according to the GSE’s September market report. It reached a 2026 peak of 15,908.77 on 18 March and remains about 10% below that level.
September was a weaker month, with the index falling 6.2% to 14,141.56 and reducing its annual gain to 61.24% before last week’s recovery.
The GSE Financial Stock Index (GSE-FSI), which covers listed banks and other financial companies, stood at 7,554.56 points at the end of September, up 62.56% for the year. It had risen 95.19% during 2025.
The market’s value reached GH¢270.3bn at the end of September, 57.1% higher than in January. Trading value for the first nine months rose 74.7% year-on-year to GH¢5.34bn, while the number of trades increased more than fivefold to 993,732. MTN Ghana represented 69.9% of that value.
Clydestone and Cocoa Processing Company recorded the largest gains by the end of September, rising 769.6% to GH¢4.00 and 460% to GH¢0.28 respectively. SIC Insurance gained 300%, Republic Bank Ghana 207.7% and Dannex Ayrton Starwin 202.6%. Standard Chartered Bank Ghana, Ecobank Transnational, Enterprise Group and Unilever Ghana all more than doubled.
Only Atlantic Lithium, down 13.4%, and TotalEnergies Marketing Ghana, down 12.4%, had fallen among main-market shares at that point.
Fan Milk’s revenue increased 30% to GH¢945.8m as its cost of sales declined, widening its gross margin by 22.2 percentage points to 57%, IC Insights calculated. Its shares closed on Wednesday at GH¢13.98, compared with GH¢8.00 at the end of 2025.
Unilever Ghana’s revenue grew 18.6% and input costs fell, although marketing expenditure rose 58.1%. Its shares closed at GH¢43.00, against GH¢19.79 at the end of 2025.
Kasapreko’s profit after tax rose 14.3% to GH¢295.8m and revenue increased from GH¢2.56bn to GH¢2.79bn, while higher costs reduced its gross margin to 29.7%.
TotalEnergies Marketing Ghana reported a 16.1% fall in profit after tax to GH¢221.8m, as revenue dropped 18.1% to GH¢4.21bn. IC Insights attributed the decline to weaker sales volumes.
Ecobank Transnational, Agricultural Development Bank, First Atlantic Bank, Enterprise Group, Standard Chartered Bank Ghana, Ecobank Ghana, Guinness Ghana Breweries and Cocoa Capital also filed results for periods ending 30 September.
IC Insights expects the results to prompt stock-by-stock repricing as investors reassess earnings, margins and growth prospects. The rally has come while inflation remains low, with prices rising 5.5% in the year to October, driven by transport and services costs.
