The Ghana Stock Exchange (GSE) endured a bruising trading week ending Friday, May 23, 2025, as the benchmark GSE Composite Index (GSE-CI) plunged by 345.50 points, representing a 5.16% decline, to close at 6,353.54. This marked the steepest weekly drop since the first quarter and dragged the market to its lowest level in weeks, tempering earlier bullish sentiment that had seen the index rise nearly 30% year-to-date.
Despite the broad market sell-off, financial stocks remained surprisingly resilient. The GSE Financial Stocks Index (GSE-FSI) inched up marginally by 0.01%, closing the week at 3,175.26, with a year-to-date gain of 33.37%, continuing to outpace the broader market.
| GSE Stock Indices | GSE Composite Index (GSE-CI) | GSE Financial Stocks Index (GSE-FSI) |
|---|---|---|
| Previous (22/05/2025) | 6,385.30 | 3,174.94 |
| Current (23/05/2025) | 6,353.54 | 3,175.26 |
| Change (Points) | -31.76 | +0.32 |
| Change Year-to-Date (YTD) | +29.97% | +33.37% |
Investor Activity Dwindles Toward Week’s End
Trading activity began the week on a relatively strong note, with 796,695 shares changing hands on Monday, but slowed sharply by Friday, where just 208,234 shares were traded with a total market value of GH¢405,501.61, the lowest session of the week. The peak came on Wednesday, which recorded the highest turnover at GH¢6.81 million, driven primarily by heavy volumes in MTN Ghana (MTNGH) and GLD, the exchange-traded gold security.
The week’s total market capitalization declined by GH¢4.31 billion, or 3%, to GH¢139.30 billion, reflecting broad-based price weaknesses across several sectors.
Sector Snapshot: Financials Hold, Energy and Manufacturing Slide
The banking and insurance sectors provided a rare glimmer of optimism, posting modest gains of 0.4% and 0.2% respectively. In contrast, the energy sector dropped 6.2%, weighed by a flat performance from TotalEnergies and the absence of significant trades in other energy counters.
The manufacturing sector also felt the heat, declining by 5.8% amid weak showings from BOPP and Fan Milk, though BOPP rallied on Thursday to close at GH¢31.00, up GH¢1.25 over the week.
Stock Highlights: MTN Under Pressure, BOPP Surges
- MTN Ghana (MTNGH) was the most actively traded stock but suffered a 9.6% price drop, falling from GH¢3.54 on Monday to GH¢3.20 by Friday. It recorded over 2 million shares in volume traded during the week, indicating strong investor interest amid sell-offs.
- CAL Bank (CAL) experienced steady declines, closing at GH¢0.60, down GH¢0.04 from the start of the week.
- On the gainers’ side, SIC Insurance (SIC) rose by GH¢0.07 to end at GH¢0.84, while BOPP gained GH¢1.25, rebounding from earlier lows.
- GLD (Gold ETF) was highly volatile, climbing to GH¢388.04 midweek before dropping sharply by GH¢14.42 on Thursday. Nonetheless, it was among the most valuable securities traded, with nearly GH¢7.3 million worth exchanged.
Technical Outlook: Bears Take Control
Technically, the GSE-CI has broken below a key support level of 6,400, signaling potential further downside. Market analysts are now eyeing the 6,300 mark as the immediate support, with a stronger floor around 6,150, near the 200-day moving average.
The loss of momentum, declining volumes, and cross-sectoral weakness suggest caution heading into the final week of May, with sentiment likely to remain fragile barring any major corporate announcements or macroeconomic triggers.
