Ghana’s stock market closed lower on Tuesday as heavy trading in MTN Ghana shares failed to lift overall sentiment, pushing the benchmark indices marginally into negative territory.
The GSE Composite Index (GSE-CI) slipped by 16.11 points, or 0.18%, to close at 8,765.44, compared with 8,781.55 at the previous session. The GSE Financial Stocks Index (GSE-FSI) also declined, shedding 7.72 points to end the day at 4,640.41.
Market capitalisation fell to GH¢171.71 billion, down from GH¢172.08 billion, reflecting the softer price performance.
Trading activity surged sharply, driven almost entirely by Scancom PLC (MTN Ghana). Total market volume jumped to 18.53 million shares, valued at GH¢77.37 million, compared with 1.17 million shares worth GH¢4.61 million traded on Monday.
MTN Ghana accounted for the bulk of turnover, with 18.33 million shares exchanged at a total value of GH¢76.97 million. The stock edged down by GH¢0.01, closing at GH¢4.20, after trading between GH¢4.21 and GH¢4.20 during the session.
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Ecobank Transnational Incorporated (ETI) was the other stock to record a price movement on the day. ETI declined by GH¢0.01 to close at GH¢0.76, after last trading at GH¢0.70. A total of 29,688 shares of ETI changed hands, valued at GH¢22,598.45.
On a year-to-date basis, the market remains slightly in the red. The GSE Composite Index is down 0.05%, while the Financial Stocks Index has declined by 0.15% since the start of the year.
Despite the surge in turnover, analysts note that the narrow breadth of trading and modest price declines point to cautious investor sentiment early in the year.
