West African stock markets decline amid October profit-taking

Major West African stock exchanges experienced downward pressure at the start of October due to widespread profit-taking across financial and consumer-facing sectors.

On the Ghana Stock Exchange (GSE), the benchmark Composite Index fell 90.35 points, bringing its year-to-date return to 60.21 per cent. The Financial Stocks Index saw a steeper decline of 111.47 points. Notable losers included SIC Insurance, which dropped 9.79 per cent, and Ecobank Transnational Incorporated, which fell 6.94 per cent. Total market turnover decreased to GH¢18.81m, a 40.8 per cent decline from the previous session.

Similarly, the Nigerian Exchange (NGX) All-Share Index dropped 16 basis points, resulting in a loss of approximately ₦261.92 billion in market capitalization. The decline was driven by bearish sentiment and profit-taking in mid-cap and blue-chip stocks ahead of third-quarter earnings releases. While 26 companies saw price depreciations, including PZ and ETRANZACT, others like TRANSEXPR and AIICO recorded gains of 10 per cent. The banking sector led sectoral declines with a 0.97 per cent drop.