The Ghana Stock Exchange (GSE) endured a second consecutive day of brutal losses on Thursday, as panic selling drove the market into a sharp two-day correction that erased a staggering GH¢44 billion in market value.
The benchmark GSE Composite Index (GSE-CI) plummeted by 884.49 points to close at 13,556.32, while the GSE Financial Stocks Index (GSE-FSI) shed 443.59 points to settle at 8,641.86. The sell-off slashed market capitalisation from GH¢269.90 billion on Wednesday to GH¢255.21 billion by the close of trading on Thursday.
Trading data for the 7,179th session of the bourse revealed the severity of the rout, with total volume soaring to 55,953,400 shares. The aggregate value of traded shares hit GH¢300,515,695.15, marking the highest single-day trading value in the exchange’s history.
MTN Ghana Leads the Decline
Telecommunications giant Scancom PLC (MTNGH) bore the brunt of the selling pressure, with its share price plunging by GH¢0.52 to close at GH¢5.39. The stock saw an astonishing 55.3 million shares change hands—accounting for nearly 99 per cent of all trading activity—and contributed GH¢298.1 million to the day’s total market value.
Analysts suggest the massive volume points to institutional investors exiting their positions after qualifying for dividend payments in the market’s most heavily weighted stock. MTN Ghana has now lost more than 15 per cent of its value over the past two sessions.
Banking and Insurance Stocks Hammered
The sell-off extended across the financial sector, with Standard Chartered Bank Ghana PLC (SCB) leading the decliners, tumbling by GH¢7.78 to close at GH¢71.47. GCB Bank PLC (GCB) was also hit hard, plunging by GH¢4.12 to GH¢37.08, while Republic Bank (Ghana) PLC (RBGH) fell by GH¢0.52 to GH¢4.82.
In the insurance sector, SIC Insurance Company PLC (SIC) declined by GH¢0.34 to GH¢3.49. Other notable laggards included TotalEnergies Marketing Ghana PLC (TOTAL), which fell GH¢0.78 to GH¢36.13, and Fan Milk PLC (FML), which shed GH¢0.26 to GH¢13.35.
Cocoa Processing Company Provides Rare Bright Spot
Amid the broad-based carnage, Cocoa Processing Company PLC (CPC) was a rare outlier, gaining GH¢0.01 to close at GH¢0.10. Benso Palm Plantation PLC (BOPP) held steady at GH¢100.00, maintaining its historic triple-digit level.
A host of other stocks, including Access Bank (ACCESS), Ecobank Ghana (EGH), Unilever (UNIL), and Tullow Oil (TLW), recorded no price movement during the session.
Market Summary
Despite the brutal two-day correction, the GSE-CI retains a year-to-date gain of 54.57 per cent, while the financial stocks index remains up 85.96 per cent. Thursday’s session marked the market’s worst single-day decline in recent memory, ending an extraordinary rally that had seen the Composite Index more than double since the start of the year.
