The Ghana Stock Exchange suffered its most significant single-day decline of the year on Wednesday, as investors engaged in widespread profit-taking following the Eid-ul-Fitr holiday.
By Kweku Zurek
The GSE Composite Index plunged 875.85 points to close at 14,440.81, wiping out weeks of accumulated gains in a broad-based sell-off that saw market capitalisation contract sharply from GH¢284.82 billion on Tuesday to GH¢269.90 billion by the close of trading.
The GSE Financial Stocks Index also recorded a substantial decline, shedding 321.87 points to settle at 9,085.45.
Total volume of shares traded for the session reached 2,351,584, with aggregate value hitting GH¢6,292,958.09.
MTN Ghana Leads Decliners
Scancom PLC, the telecommunications giant and one of the market’s most heavily weighted stocks, bore the brunt of the selling pressure, plunging GH¢0.59 to close at GH¢5.91—a nearly 10 per cent loss in a single session. Despite the steep decline, the counter remained the most actively traded, with 284,788 shares changing hands, contributing GH¢1,685,677.51 to total market value.
GCB Bank PLC tumbled GH¢4.57 to close at GH¢41.20, while TotalEnergies Marketing Ghana PLC shed GH¢2.89 to GH¢36.91. Other notable decliners included Ecobank Transnational Inc., which declined GH¢0.22 to GH¢2.00, and Fan Milk PLC, which fell GH¢0.18 to GH¢13.61.
SIC Insurance Company PLC dropped GH¢0.26 to GH¢3.83, Ecobank Ghana PLC edged down GH¢0.52 to GH¢50.00, and Republic Bank declined GH¢0.04 to GH¢5.34. Enterprise Group PLC shed GH¢0.11 to close at GH¢12.00.
BOPP Holds Firm
Benso Palm Plantation PLC remained a beacon of stability, holding steady at GH¢100.00 with no price change. The agricultural sector stock, which became the first Ghanaian company to cross the GH¢100 barrier the previous week, saw 1,513 shares change hands, contributing GH¢151,500 to total market value.
GOIL Records Lone Gain
Ghana Oil Company Limited emerged as the sole gainer of the session, adding GH¢0.01 to close at GH¢7.86, providing a rare bright spot in an otherwise bleak trading day.
Market Context
Wednesday’s session marked the second consecutive day of heavy selling following the Eid-ul-Fitr holiday, with investors taking profits across the board. The sharp decline in MTN Ghana was the primary driver of the index’s plunge.
Despite the steep correction, the GSE-CI has gained 64.66 per cent since the start of the year, while the financial stocks index remains up 95.51 per cent.
A total of 21 stocks recorded no price movement during the session, including Access Bank, AngloGold Ashanti, Guinness Ghana Breweries, Standard Chartered Bank, Unilever, and NewGold, among others. All stocks on the Ghana Alternative Market remained unchanged.
