GSE-CI Plunges on MTNGH Selloff as SIC Surpasses 200% YTD Gains
Ghana’s benchmark equity gauge, the GSE Composite Index (GSE-CI), suffered a sharp retreat last week, plunging by 354.10 points to close at 6,353.54 – a 5.28% week-on-week decline – as sell pressure on MTN Ghana (MTNGH) weighed heavily on market sentiment.
The rout in MTNGH, the bourse’s most liquid equity, overshadowed otherwise subdued trading, with the telecom giant shedding 4.92% over the week. The drop contributed significantly to the GSE-CI’s first major weekly setback in May, paring year-to-date (YTD) gains to 29.97%.
The financial sector index, the GSE-Financial Stock Index (GSE-FSI), also faltered, slipping 1.15% to 3,175.26 points, though still holding a robust 33.37% gain YTD.
The market rout coincided with a staggering dip in turnover, with total value traded falling 82.63% week-on-week to GH¢17.82 million. Market capitalisation stood at GH¢139.30 billion, down from GH¢143.72 billion the previous week.
Despite the broad pullback, SIC Insurance (SIC) continued to outperform, booking a marginal 0.01 point gain to maintain an eye-catching 211.11% YTD return — the strongest on the bourse so far. Total Petroleum (TOTAL) and SOGEGH also stayed in positive territory, gaining 0.02 points and 0.01 points respectively.
On the gainers’ board, Benso Oil Palm Plantation (BOPP) rose 4.2% to GH¢31.00, while Enterprise Group Ltd (EGL) advanced 1.06% to GH¢2.85. Conversely, gold ETF (GLD) suffered the steepest decline of the week, tumbling 6.41% to GH¢373.62.
MTNGH topped the volume and value traded charts, with 1.9 million shares exchanged at a market value of GH¢6.41 million. CAL Bank followed with 179,232 shares, while EGL was the least traded in the top five, registering 25,886 shares worth GH¢73,775.
