Banking stocks drag GSE lower as MTN recovery fails to lift market

The Ghana Stock Exchange closed the first quarter of 2026 on a downbeat note Tuesday, as sustained selling pressure in banking stocks outweighed gains in the telecommunications sector.

The GSE Composite Index (GSE-CI) fell by 35.43 points to settle at 13,060.13. Despite the day’s decline, the benchmark index remains up 48.91% since the start of the year.

Trading activity spiked as investors repositioned ahead of the quarter-end, with total volume surging to 6.5 million shares valued at over GH¢39 million. Market capitalisation closed at GH¢243.73 billion.

MTN Leads Rebound
Scancom PLC (MTNGH) was the session’s standout performer, continuing its recovery from last week’s losses. The telecom giant gained GH¢0.12 to close at GH¢5.40. It was the most actively traded stock, accounting for more than 83% of total volume, with over 5.4 million shares changing hands.

Banking Stocks Slide
The banking sector faced significant headwinds, with GCB Bank PLC (GCB) leading the laggards. The bank’s shares plunged by GH¢2.99 to close at GH¢27.06. Other decliners included Societe Generale Ghana PLC (SOGEGH), which fell GH¢0.18, and Ecobank Transnational Inc. (ETI), which shed GH¢0.14.

Additional losses were recorded by Enterprise Group PLC (EGL), SIC Insurance Company PLC (SIC), Ghana Oil Company Limited (GOIL), and Standard Chartered Bank Ghana PLC (SCB), all of which ended the session in negative territory.

Quarter in Review
Tuesday’s close caps a volatile first quarter that saw the GSE-CI hit an all-time high of 15,908.77 on March 18 before correcting sharply. The index shed nearly 18% over the following two weeks, driven by profit-taking in heavyweight stocks following an extraordinary rally earlier in the period.

Despite the recent correction, the GSE Financial Stocks Index remains up 71.86% year-to-date. Investors are now turning their focus to upcoming corporate earnings reports and the broader macroeconomic outlook for the remainder of the year.