The Ghana Stock Exchange began the month of May on a softer note, with a slight dip in its key indices despite maintaining strong overall market value.

At the close of trading on Monday, the GSE Composite Index fell by 16.62 points to settle at 15,113.90. Similarly, the Financial Stocks Index declined by 24.78 points to close at 8,814.63. Although these movements reflect a cautious start to the month, the broader market remained stable, with total market capitalisation holding firm at GHS281.36 billion.

Trading activity for the session saw a total of 1,526,533 shares exchanged, with a combined value of GHS9.32 million. The session was largely driven by selective investor interest, with Scancom PLC (MTN Ghana) dominating the market. The telecom giant accounted for nearly half of the total value traded, recording 705,610 shares at GHS6.80 each, amounting to GHS4.80 million. Its share price remained unchanged, reflecting a balance between buying and selling interest.

Among the gainers, Fan Milk PLC stood out with the strongest performance of the day. Its share price rose by GHS0.56 to close at GHS12.06, supported by steady investor demand. A total of 25,197 shares were traded, with activity suggesting continued interest in the stock.

On the downside, ZEN Petroleum Holdings PLC recorded the biggest loss among actively traded equities. Its share price declined by GHS0.12 to close at GHS6.02. The company also saw significant trading volumes, making it the second most traded stock by value during the session.

Ghana Oil Company (GOIL) showed signs of recovery, inching up by GHS0.09 to close at GHS8.00 after a recent period of decline. The modest gain reflects renewed investor confidence in the stock.

In the banking sector, performance was mixed. Cal Bank PLC slipped slightly by GHS0.02 to close at GHS0.88, even though it recorded the highest trading volume of the day. Ecobank Transnational Incorporated also edged down by GHS0.02 to close at GHS2.16.

Meanwhile, GCB Bank PLC and Standard Chartered Bank Ghana PLC both held steady at GHS41.55 and GHS71.38 respectively, indicating price stability despite ongoing market adjustments.

Other notable stocks, including Guinness Ghana Breweries PLC and TotalEnergies Marketing Ghana PLC, closed unchanged, with very low trading volumes. This suggests that many investors are waiting for clearer market signals before making new moves.

On the Ghana Alternative Market, trading remained light. Intravenous Infusions PLC led activity in that segment, although overall value traded was minimal.

Despite the day’s mild decline, the market’s performance since the start of the year remains positive. The Composite Index has gained 0.72% so far in 2026, while the Financial Stocks Index is up 0.90%. These modest increases follow a strong rally in 2025, pointing to a possible period of consolidation as investors reassess market conditions.

Looking ahead, market participants are expected to focus on upcoming economic data and first-quarter earnings reports, which could provide clearer direction for stock prices. The announcement of an initial public offering by Kasapreko PLC also added some interest to the session, hinting at potential new opportunities in the market.