Banking stocks remained prominent on the Ghana Stock Exchange (GSE) following a strong resurgence in the first quarter of 2024.
They continued to be a key focus, significantly impacting market returns by the end of the second quarter of 2024.
This underscored the sector’s persistent strength, as it experienced a notable recovery in profitability after facing setbacks from the Domestic Debt Exchange Programme.
The Ghana Stock Exchange Financial Stock Index (GSE FSI) reflects this with an increase of approximately 114 points for the quarter, resulting in a Year-to-Date return of 11.23%.
Ecobank Ghana emerged as the leading performer, skyrocketing 155.23% quarter-on-quarter to GHS6.10, fueled by factors such as a remarkable 2453% surge in net profit for the first quarter of 2024.
Likewise, GCB Bank (GHS5.5, +60.35%), Access Bank (GHS4.8, +7.87%), and Standard Chartered Bank (GHS20, +2.90%) also saw significant gains, buoyed by their strong first-quarter results which demonstrated a full recovery from earlier impairment losses.