GSE Composite Index Still Slipping as Market Leaders Falter: Which Stocks Are Pulling It Down?

The Ghana Stock Exchange (GSE) Composite Index has recorded a sharp downturn, plunging from approximately 37% to 25% over the past several trading sessions. This 12-percentage-point fall marks one of the steepest short-term retreats in recent quarters and has raised pressing questions about what and who is driving the slide.

An in-depth review of five key stocks, MTN Ghana, CAL Bank, NewGold ETF, Ecobank Transnational Inc, and State Insurance Company, based on trading data from May 19 to May 28, 2025, reveals a stark narrative: one dominant equity is dragging the market down while others oscillate between stability and irrelevance.

MTNGH (MTN Ghana): The Anchor That’s Sinking the Index

MTN Ghana has emerged as the primary catalyst behind the GSE’s downturn, suffering a price erosion from GHC 3.53 on May 19 to GHC 3.00 by May 28. This 15% decline over just seven trading days is significant not only in percentage terms but also in weight, MTNGH is one of the largest and most actively traded equities on the exchange.

The sustained high-volume trading confirms that this is not a case of thin-market volatility. Rather, it reflects broad institutional and retail selling pressure, likely spurred by concerns over MTN’s sectoral headwinds or earnings outlook. Each trading day saw marginal price drops ranging from GHC -0.01 to -0.17, accumulating into a steady downward momentum. Given MTNGH’s heavy weight in the composite index, its decline directly correlates with the broader market’s fall.

CAL (CAL Bank): Stability Amid Uncertainty

In contrast to MTN, CAL Bank has shown relative price stability, with its stock fluctuating narrowly between GHC 0.64 and GHC 0.58. Daily price movements were minimal, usually GHC -0.01 or unchanged, suggesting that CAL has played a neutral to slightly supportive role in index performance.

Though not heavily traded, CAL’s consistency in both price and volume suggests investor confidence or a wait-and-see approach. 

GLD (NewGold ETF): Volatile But Contained

GLD, the NewGold ETF, introduced significant volatility into the market but remains a secondary force due to its consistently low trading volumes. The ETF’s price saw dramatic daily swings over the period, including a sharp fall of 14.42 GHC on May 22 and a steep recovery of 15.44 GHC on May 28. There were also notable gains on May 20 (2.97 GHC) and May 21 (5.04 GHC), followed by consecutive declines of 13.90 GHC on both May 26 and May 27.

Despite these substantial price changes, GLD’s trading volumes remained modest, often under 12,000 shares per day. On May 28, the ETF traded 11,470 shares during its rally, a notable increase from just 255 shares on both May 26 and 27. These fluctuations highlight GLD’s potential to affect sentiment but also underline its limited impact on the GSE Composite Index due to its relatively low liquidity.

ETI (Ecobank Transnational Inc.): Frozen in Time

ETI’s stock price has remained flat at 0.90 GHC throughout the observed period, with no recorded price changes. However, a closer look at trading volumes reveals a potentially telling trend. On May 27, 2025, ETI saw a robust 103,272 shares traded. But by the following day, that number had dropped sharply to 44,073, a decline of more than 57%. 

While the stock’s static price continues to render its impact on the Composite Index negligible, the steep fall in volume could signal a shift in investor sentiment. 

SIC (State Insurance Company): A Quiet Climber With No Market Weight

SIC has quietly charted an upward trajectory in price, rising from 0.77 GHC to 0.92 GHC over the past week, a notable increase. However, trading volume data paints a more restrained picture of its market influence. Daily volumes remained extremely low, with several days, such as May 19, 21, and 22, registering zero trades. 

While there was a modest increase later in the week, with volumes climbing to 2,000 shares on May 23 and peaking at just 3,548 on May 28, this remains far below the activity seen in index movers like MTNGH or even CAL. The price gains, though positive, have not been matched by market participation, limiting SIC’s impact on the GSE Composite Index during this period.

Stock	Price Trend (19/05–28/05)	Volume Trend (Shares Traded)	Market Impact
MTNGH	Down (3.53 → 3.00 GHC, ~15% drop)	High and consistent (up to ~700,000)	Major driver of decline
CAL	Slight decline (0.64 → 0.58 GHC)	Moderate and steady (22,000–80,000)	Minimal impact
GLD	Volatile; dropped then surged (+15.44 GH¢ on 28/05)	Low to moderate (82 to 11,470)	Moderate impact
ETI	Flat (0.90 GHC throughout)	Moderate but dropped sharply on 28/05 (from 103,272 to 44,073)	Limited due to flat price but recent volume drop may signal concern
SIC	Up (0.77 → 0.92 GHC)	Very low but increasing (0 to 3,548)	Negligible impact

MTN’s Weight Pulls the GSE Down

The GSE Composite Index’s sharp decline over the past week is almost entirely traceable to MTN Ghana’s high-volume selloff and double-digit price contraction. While GLD brought volatility and SIC flashed a contrarian gain, neither had the trading volume or index weight to influence the broader trajectory.

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