The Ghana Stock Exchange (GSE) closed the first trading session of May with a marginal decline on Monday, as the GSE Composite Index dipped 16.62 points to settle at 15,113.90, while the GSE Financial Stocks Index shed 24.78 points to close at 8,814.63.
Despite the dip in the indices, market capitalisation remained robust at GH¢281.36 billion, reflecting the underlying strength of listed equities even on a quiet trading day.
Total trading volume for session 7203 reached 1,526,533 shares, with a corresponding value of GH¢9.32 million changing hands across the bourse. The day was characterised by selective buying, with telecommunications giant Scancom PLC, trading as MTN Ghana, single-handedly accounting for nearly half of the total value traded.
MTN Ghana recorded 705,610 shares traded at GH¢6.80 per share, generating GH¢4.80 million in value. The stock held steady at its previous closing price, supported by a bid price of GH¢6.81 and an offer price of GH¢6.82, signalling balanced interest between buyers and sellers.
Fan Milk PLC provided the day’s most notable upward move, gaining GH¢0.56 to close at GH¢12.06 from a previous close of GH¢11.50. The dairy products manufacturer saw 25,197 shares change hands, with a total value of GH¢299,916. The stock traded as high as GH¢12.20 on the bid side, suggesting further appetite from investors.
ZEN Petroleum Holdings PLC recorded the sharpest decline among actively traded stocks, falling GH¢0.12 to close at GH¢6.02, down from GH¢6.14. The petroleum marketing company saw substantial trading activity, with 287,259 shares exchanged for a total value of GH¢1.73 million, making it the second most traded stock by value behind MTN Ghana.
GOIL, the state-owned oil marketing company, inched up GH¢0.09 to close at GH¢8.00, reversing a recent downward trend. The stock traded on 23,871 shares worth GH¢190,917, reflecting renewed investor interest after a period of relative quiet.
Among the banking stocks, Cal Bank PLC eased by GH¢0.02 to close at GH¢0.88, despite recording the highest volume of the session at 261,277 shares traded. The stock attracted total value of GH¢232,271 and was supported by a bid price of GH¢0.89 and an offer price of GH¢0.90, indicating that sellers were only reluctantly letting go.
Ecobank Transnational Incorporated also dipped by GH¢0.02 to close at GH¢2.16. The pan-African banking counter saw 127,874 shares trade, generating GH¢277,008 in value, with a bid price of GH¢2.05 and an offer price of GH¢2.15.
GCB Bank PLC remained unchanged at GH¢41.55 on volume of 13,939 shares worth GH¢579,100. The bank continues to trade at a price-to-earnings ratio of just 4.74 times, making it one of the cheapest banking stocks on the exchange by that metric.
Standard Chartered Bank Ghana PLC held steady at GH¢71.38 on volume of 2,516 shares valued at GH¢179,592. The stock offers an earnings per share of GH¢5.21, giving it a price-to-earnings ratio of 13.7 times.
Guinness Ghana Breweries PLC and TotalEnergies Marketing Ghana PLC both closed flat at GH¢14.99 and GH¢34.23 respectively, with very thin volumes, suggesting that investors are waiting for clearer directional signals from those counters.
The Ghana Alternative Market recorded modest activity, with Intravenous Infusions PLC leading the sub-market with 8,148 shares traded at GH¢0.05, though the total value was only GH¢407. Hords PLC saw 503 shares change hands at GH¢0.10, while Meridian Marshalls Holding Company traded 184 shares at GH¢0.10. Samba Foods PLC, Digicut Production & Advertising PLC, and the preference shares of Standard Chartered Bank recorded no trades.
The market’s year-to-date performance remains firmly in positive territory, with the GSE Composite Index up 0.72 per cent since January 1, 2026, while the Financial Stocks Index has gained 0.90 per cent over the same period. These modest returns come after a blistering 79 per cent rally in 2025, suggesting that the market may be entering a consolidation phase following two years of extraordinary gains.
Investors now turn their attention to the macroeconomic calendar and corporate earnings reports for the first quarter of 2026, which will provide fresh guidance on the trajectory of listed companies.
Despite the muted trading on Monday, the announcement of Kasapreko PLC’s initial public offering was another highlight of the day.
