- GSE Composite Index Falls as MTN Ghana Drags Market Lower
The Ghana Stock Exchange closed mixed on Tuesday, May 26, 2026, as losses in key counters dragged the broader market lower despite gains in selected equities and a sharp rise in trading value.
The GSE Composite Index declined by 1.12 per cent to close at 14,379.41 points, reducing its year-to-date return to 63.96 per cent. The GSE Financial Stocks Index, however, edged up by 0.31 per cent to 7,873.87 points, lifting its year-to-date return to 69.43 per cent.
Market capitalisation fell to GH¢263.45 billion, from GH¢264.74 billion in the previous session.
Trading activity improved significantly, with total volume rising to 9.25 million shares, compared with 1.02 million shares previously. Total value traded also surged to GH¢59.47 million, from GH¢4.90 million in the preceding session.
The day’s activity was overwhelmingly dominated by MTN Ghana, which recorded turnover of GH¢57.56 million from the exchange of 8.84 million shares, reinforcing its position as the market’s primary liquidity driver.
Despite the heavy trading, MTN Ghana weighed on the broader market after shedding GH¢0.22 to close at GH¢6.51. The decline made the stock one of the day’s major laggards and placed pressure on the Composite Index.
Other decliners included SIC Insurance, which fell by GH¢0.29 to close at GH¢5.00, CalBank, which lost GH¢0.02 to close at GH¢0.73, and Fan Milk, which slipped by GH¢0.01 to GH¢13.32.
On the gainers’ side, NewGold ETF led the market after advancing by GH¢4.92 to close at GH¢501.92. Zen Petroleum gained GH¢0.83 to close at GH¢11.47, while TotalEnergies Marketing Ghana added GH¢0.09 to close at GH¢33.00.
Ecobank Transnational Incorporated also gained GH¢0.05, closing at GH¢1.39, supported by trading activity of 132,166 shares valued at GH¢183,403.10.
Among the most traded equities by value, MTN Ghana led by a wide margin, followed by GCB Bank with GH¢536,148.00 from 14,893 shares. ETI followed with GH¢183,403.10, while Fan Milk and NewGold recorded GH¢183,043.40 and GH¢149,571.00 respectively.
The latest session shows that while liquidity on the exchange remains strong, it is still heavily concentrated in a few counters, particularly MTN Ghana. This concentration means price movements in MTN Ghana continue to carry significant influence over broader market direction.
For investors, the session presented a familiar pattern: strong headline turnover, but uneven price performance. Gains in NewGold, Zen Petroleum, TotalEnergies and ETI helped cushion sentiment, but were not enough to offset the drag from MTN Ghana and other decliners.
The market’s year-to-date performance remains strong, with both the Composite and Financial Stocks indices still posting substantial gains. However, Tuesday’s trading underlined the sensitivity of the market to profit-taking in large-cap counters.
In the upcoming dividend schedule, GCB Bank is expected to pay GH¢1.00 on June 30, 2026, while Republic Bank Ghana is scheduled to pay GH¢0.05 on June 1, 2026. MTN Ghana will pay GH¢0.03 on June 18, 2026, with Fan Milk and Ghana Oil Company expected to pay GH¢0.11 and GH¢0.06 on June 30 and August 10, 2026, respectively.
Overall, the GSE ended the session with strong turnover but weaker index performance, as MTN Ghana’s sell-off overshadowed gains in selected counters. The next session will test whether bargain hunting returns to MTN Ghana or whether profit-taking pressure continues to weigh on market sentiment.
