The Ghana Stock Exchange (GSE) recorded its highest ever single-day trading value on Thursday, even as the market suffered a second consecutive brutal session, with the benchmark GSE Composite Index (GSE-CI) shedding 884.49 points to close at 13,556.32 and market capitalisation falling to GH¢255.21 billion.
The GSE Financial Stocks Index (GSE-FSI) dropped a further 443.59 points to settle at 8,641.86, extending a two-day correction that has now erased GH¢44 billion in market value since Tuesday’s close.
Thursday’s session, the 7,179th in the exchange’s history, produced a remarkable paradox: the steepest decline in recent memory occurring simultaneously with record-breaking activity. Total shares traded reached 55,953,400, with aggregate transaction value hitting GH¢300,515,695.15, a figure that surpasses any previous single-session record on the bourse.
The explanation lies almost entirely with Scancom PLC (MTNGH). MTN Ghana accounted for 55,295,759 shares traded, representing close to 99 per cent of all volume, and contributing GH¢298,101,507.57 to total turnover. The stock fell GH¢0.52 to close at GH¢5.39, extending a decline that has now erased more than 15 per cent of its value over two sessions. Market analysts attribute the extraordinary volume to institutional investors unwinding positions following the dividend qualification date for the exchange’s most heavily weighted counter.
The banking sector absorbed heavy losses alongside telecoms. Standard Chartered Bank Ghana PLC (SCB) led percentage declines, falling GH¢7.78 to GH¢71.47. GCB Bank PLC (GCB) dropped GH¢4.12 to GH¢37.08, while Republic Bank (Ghana) PLC (RBGH) shed GH¢0.52 to GH¢4.82. Ecobank Transnational Inc. (ETI) fell GH¢0.20 to GH¢1.80, and Cal Bank PLC (CAL) declined GH¢0.04 to GH¢0.71. TotalEnergies Marketing Ghana PLC (TOTAL) fell GH¢0.78 to GH¢36.13, while SIC Insurance Company PLC (SIC) shed GH¢0.34 to GH¢3.49.
Amid the broad retreat, Cocoa Processing Company PLC (CPC) managed a marginal gain of GH¢0.01 to close at GH¢0.10. Benso Palm Plantation PLC (BOPP) held its historic GH¢100.00 level unchanged.
Despite the two-session correction, the GSE-CI remains 54.57 per cent above its January 1 level, while the GSE-FSI is still 85.96 per cent higher year-to-date, underscoring the scale of the rally that preceded this week’s pullback.
