The Ghana Stock Exchange (GSE) experienced a brutal two-day sell-off, with panic selling erasing a staggering GH¢44 billion in market capitalization as investors scrambled to exit positions.
The benchmark GSE Composite Index (GSE-CI) suffered its second consecutive day of steep losses on Thursday, plummeting 884.49 points to close at 13,556.32. The sell-off was equally severe for the GSE Financial Stocks Index (GSE-FSI), which shed 443.59 points to settle at 8,641.86.
Market capitalisation now stands at GH¢255.21 billion, a sharp contraction from GH¢269.90 billion just a day earlier, underscoring the severity of the correction that has significantly eroded investor wealth.
Trading activity reached historic levels as investors rushed for the exit. Total volume surged to 55,953,400 shares, with an aggregate value of GH¢300,515,695.15—marking the highest single-day trading value in the bourse’s history.
MTN Ghana Leads the Plunge
Scancom PLC (MTNGH), the market’s most heavily weighted stock, bore the brunt of the selling pressure, tumbling GH¢0.52 to close at GH¢5.39. The telecommunications giant accounted for nearly 99 per cent of all trading activity, with a staggering 55,295,759 shares changing hands. The massive volume suggests institutional investors are aggressively exiting positions, having qualified for recent dividend payments. MTN Ghana has now lost over 15 per cent of its value in just two sessions.
Banking and Insurance Stocks Hammered
The sell-off extended across the financial sector. Standard Chartered Bank Ghana PLC (SCB) led the decliners, plummeting GH¢7.78 to close at GH¢71.47. GCB Bank PLC (GCB) followed suit, crashing GH¢4.12 to GH¢37.08, while Republic Bank (Ghana) PLC (RBGH) dropped 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 Ecobank Transnational Inc. (ETI), which shed GH¢0.20 to GH¢1.80.
Rare Bright Spots
Amid the market rout, Cocoa Processing Company PLC (CPC) emerged as a sole gainer, adding GH¢0.01 to close at GH¢0.10. Benso Palm Plantation PLC (BOPP) remained steady at its historic triple-digit price of GH¢100.00.
A host of other stocks, including Access Bank, Guinness Ghana Breweries, and Unilever Ghana, recorded no price movement during the session.
Market Context
Despite the sharp correction, the GSE-CI maintains a year-to-date gain of 54.57 per cent, while the financial stocks index remains up 85.96 per cent. Thursday’s session represented the market’s worst single-day decline in recent memory, triggered by a massive sell-off that analysts attribute to profit-taking following an extraordinary rally that had seen the index more than double since the start of the year.
