Banking stocks remained at the centre stage on the Ghana Stock Exchange (GSE) after staging a comeback in quarter one 2024.
They remained in the spotlight, closing the second quarter of 2024 as a major contributor to market return performance.
This highlighted the sector’s continuous resilience, as the sector recorded a remarkable turnaround in profitability after experiencing challenges from the Domestic Debt Exchange Programme.
This is evidenced by the Ghana Stock Exchange Financial Stock Index (GSE FSI), which gained about 114 points during the quarter, with a Year-to-Date return of 11.23%.
Ecobank Ghana closed the quarter as the topmost gainer, soaring by 155.23% quarter-on-quarter to GHS6.10, driven by catalysts, including an astounding 2453% increase in net profit for quarter one 2024.
Similarly, GCB Bank (GHS5.5, +60.35%), Access Bank (GHS4.8, +7.87%), and Standard Chartered Bank (GHS20, +2.90%) also joined the ranks of gainers, supported by their robust quarter one 2024 results that underscored a complete recovery from previous impairment losses.
