MTN Ghana, Zen Petroleum stand tall as GCB and ETI drag GSE into second day of losses

The Ghana Stock Exchange (GSE) recorded its second consecutive day of losses on Tuesday, 12th May 2026, as GCB Bank plunged 10 per cent and Ecobank Transnational Incorporated crashed nearly 9.3 per cent, dragging the benchmark index lower by 95.08 points.

The GSE Composite Index closed at 14,520.97 points, down from Monday's close of 14,616.05, representing a decline of 0.65 per cent. The GSE Financial Stocks Index fared even worse, tumbling 221.74 points or 2.69 per cent to close at 8,018.32. Market capitalisation fell to GH¢264,947.37 million, shedding GH¢3,563 million from Monday's level.

Total volume traded on the day stood at 787,950 shares, with a total value of GH¢3,261,963.07.

GCB Bank was the standout decliner of the session, crashing by GH¢4.00 to close at GH¢36.00, down from GH¢40.00 at Monday's close. The 10 per cent decline came on volume of 6,544 shares valued at GH¢237,964. The stock had held steady at GH¢40.00 for several sessions, and Tuesday's sharp drop suggests a shift in investor sentiment toward the banking heavyweight.

Ecobank Transnational Incorporated extended its losing streak, plunging from GH¢1.51 to GH¢1.37 — a loss of 14 pesewas or 9.27 per cent. The pan-African banking counter was the most actively traded stock of the session, with 310,032 shares changing hands, accounting for nearly 40 per cent of total volume. The total value of ETI trades amounted to GH¢426,368.88.

The stock has now lost more than 27 per cent of its value from its 2026 high of GH¢2.82 and remains under sustained selling pressure.

Cal Bank fell by 1 pesewa to close at GH¢0.80, with 123,184 shares traded valued at GH¢98,547.20. SIC Insurance slipped by 3 pesewas to GH¢5.95 on volume of 27,814 shares valued at GH¢165,493.30.

Fan Milk declined by 59 pesewas to close at GH¢13.34, down from GH¢13.93, on volume of 3,456 shares valued at GH¢46,683.92.

Despite the broader market weakness, MTN Ghana managed to post a gain, rising 7 pesewas to GH¢6.71 from Monday's close of GH¢6.64. The telecommunications giant was the second most actively traded stock of the session, with 252,217 shares changing hands, generating GH¢1,690,732.35 in value. The stock traded between a low of GH¢6.75 and a high of GH¢6.80 during the session.

Zen Petroleum Holdings continued its impressive run, climbing 8 pesewas to GH¢7.55 from GH¢7.47, on volume of 35,893 shares valued at GH¢271,079.64. The oil marketing company has now gained nearly 12 per cent over three trading sessions.

Clydestone was a notable gainer, rising 16 pesewas to GH¢1.80 from GH¢1.64, on volume of 3,100 shares. The stock's year-to-date high now stands at GH¢1.80.

Atlantic Lithium closed flat at GH¢8.46 on volume of 8,805 shares valued at GH¢74,490.30, after Monday's strong rally. Total Petroleum Ghana closed unchanged at GH¢34.89 on volume of 2,620 shares, while Republic Bank held steady at GH¢5.50.

Access Bank, ADB, and Societe Generale Ghana all closed flat on thin volumes.

On the Ghana Alternative Market, Meridian Marshalls Holding Company saw a mere 6 shares trade at GH¢0.10, generating just 60 pesewas in value. No other GAX counters recorded any trading activity.

Market outlook

Declining stocks outpaced gainers, with GCB Bank, ETI, Cal Bank, Fan Milk, and SIC Insurance leading the losers, while MTN Ghana, Zen Petroleum, and Clydestone provided the few bright spots.

The back-to-back declines follow a volatile period for the Accra bourse, which saw a steep selloff last week before staging a modest recovery on Monday. The GSE Composite Index has now lost 246 points over the past two sessions, erasing some of the gains made earlier in the month.

Traders will be watching closely to see whether the selling pressure continues into Wednesday or whether bargain hunters return to support the market.