- GCB Gains 3.68% as MTN Ghana Dominates GH¢41.50 million Session
Trading activity on the Ghana Stock Exchange surged on Wednesday, October 28, 2026, as a large transaction in MTN Ghana lifted total market turnover to GH¢41.50 million.
Investors traded 6.88 million shares, representing a 761.27% increase from the 798,643 shares exchanged in the previous session.
The value of transactions rose more sharply, increasing by 1,970.09% from GH¢2 million on October 27 to GH¢41.50 million. In other words, market turnover was more than 20 times the previous session’s level.
The increase was heavily concentrated in a single counter. MTN Ghana accounted for 5.83 million shares valued at GH¢37.90 million.
The telecommunications company represented 84.71% of the market’s total volume and 91.34% of turnover. Without the MTN Ghana transaction, the market would have generated only about GH¢3.59 million in trading value.
The session therefore recorded a substantial improvement in headline liquidity, but the concentration means the increase should not be interpreted as a broad-based expansion in investor participation.
MTN Ghana closed at GH¢6.50, down GH¢0.03 from GH¢6.53. The decline represented a loss of 0.46%.
The stock traded between its opening price of GH¢6.53 and last transaction price of GH¢6.50. It ended the session with a closing bid of GH¢6.40 and an offer of GH¢6.70.
The bid-offer spread suggests some uncertainty over the stock’s immediate price direction following the large transaction. Buyers were prepared to enter below the closing price, while sellers sought a premium.
The fall was modest relative to the size of the trade. This indicates that the market absorbed the substantial volume without a severe deterioration in price.
MTN Ghana remains one of the exchange’s most liquid securities and is capable of accommodating institutional transactions that many smaller listed companies cannot absorb without significant price disruption.
However, the session also demonstrates the exchange’s concentration problem. A single transaction in one major company can radically change the market’s daily liquidity statistics.
GCB Bank recorded the strongest percentage gain among ordinary shares on the main market.
The bank’s share price increased by GH¢1.48, or 3.68%, from GH¢40.22 to GH¢41.70. Investors traded 20,242 shares valued at GH¢823,401.08.
GCB accounted for 1.98% of total market turnover, making it the third-largest contributor by value after MTN Ghana and Guinness Ghana Breweries.
The share ended with a bid of GH¢40.22 and an offer of GH¢41.70. This indicates that sellers remained positioned at the closing price while prospective buyers were seeking entry closer to the previous closing level.
Kasapreko also advanced, increasing by GH¢0.02, or 1.10%, to GH¢1.83. A total of 105,350 shares changed hands for GH¢192,286.11.
The stock closed with buyers bidding GH¢1.81 and sellers offering GH¢1.90. That spread suggests that further price movement may depend on whether demand strengthens sufficiently to meet sellers’ expectations.
On the Ghana Alternative Market, Intravenous Infusions recorded the strongest gain of the session. Its share price rose by GH¢0.05, or 9.80%, from GH¢0.51 to GH¢0.56.
Investors traded 30,831 Intravenous Infusions shares valued at GH¢17,265.36. The counter ended with a bid of GH¢0.48 and an offer matching the closing price of GH¢0.56.
Market breadth was negative, with five stocks declining against three gainers.
Societe Generale Ghana recorded the sharpest fall on the main market. Its share price declined by GH¢0.18, or 3.76%, from GH¢4.79 to GH¢4.61.
A total of 28,048 shares were traded for GH¢129,982.96. The stock closed with a bid of GH¢4.60 and an offer of GH¢4.79, indicating that immediate buying interest remained below the previous closing price.
Fan Milk fell marginally by GH¢0.01 to GH¢13.99, while Guinness Ghana Breweries also lost GH¢0.01 to close at GH¢10.69.
Guinness recorded the second-largest turnover of the session, with 139,632 shares valued at GH¢1.49 million. Despite the marginal price decline, the transaction represented 3.60% of total market value.
SIC Insurance decreased by GH¢0.01 to GH¢4.60 after 26,941 shares generated turnover of GH¢123,772.11.
MTN Ghana’s decline completed the five main-market losers.
The fact that decliners outnumbered gainers despite the sharp increase in turnover demonstrates that liquidity and price direction are separate measures. Most of the additional trading activity did not translate into broad buying pressure across the market.
CalBank recorded the second-highest volume after MTN Ghana, with 558,325 shares traded for GH¢406,759.55.
The stock remained unchanged at GH¢0.74 and accounted for 8.12% of total market volume but less than 1% of market value because of its relatively low share price.
Ecobank Transnational Incorporated recorded 59,682 shares valued at GH¢86,438.65 and remained unchanged at GH¢1.45.
Ecobank Ghana closed flat at GH¢39 after 3,102 shares generated GH¢120,978 in turnover.
Most listed companies recorded either limited activity or no trades. Agricultural Development Bank, AngloGold Ashanti, Aluworks, Asante Gold Corporation, Camelot Ghana, Cocoa Processing Company, Mega African Capital and PBC registered no transactions.
Standard Chartered Bank Ghana recorded just 14 shares, while Tullow Oil traded 115 shares. The limited activity in several counters shows that liquidity remains uneven across the exchange.
Ordinary shares on the main market generated 6.79 million shares valued at GH¢41.45 million.
The Ghana Alternative Market recorded 90,600 shares worth GH¢45,587.92, accounting for just 1.32% of total market volume and 0.11% of turnover.
Hords traded 12,616 shares worth GH¢9,462 and remained unchanged at GH¢0.75. Digicut recorded 47,149 shares worth GH¢18,860 and closed flat at GH¢0.40.
Only four Meridian Marshalls shares changed hands, generating a value of GH¢0.56, while Samba Foods recorded no transactions.
The NewGold exchange-traded fund recorded two units valued at GH¢924.72 and closed unchanged at GH¢462.36. No trades were recorded in AngloGold Ashanti Depositary Shares or Standard Chartered preference shares.
The October 28 session demonstrates the importance of institutional transactions to liquidity on the Ghana Stock Exchange.
The sharp increase in turnover is positive because it shows that the market can accommodate large trades in its more liquid counters. Yet the dependence on MTN Ghana means the broader market remained relatively quiet.
Near-term attention will centre on whether demand spreads beyond a few leading stocks. GCB Bank’s 3.68% gain and Kasapreko’s advance provided some support, but negative market breadth shows that buying interest was not widespread.
Investors will also watch the bid-offer positions in MTN Ghana, GCB Bank and Societe Generale Ghana for indications of the next price direction.
For MTN Ghana, the GH¢6.40 bid and GH¢6.70 offer create a relatively wide trading range around the GH¢6.50 closing price. GCB’s closing offer matched its last traded price, but the highest bid remained at GH¢40.22.
The session’s turnover was impressive, but sustainable market depth requires repeated activity across more companies. Large block trades can transform daily statistics, yet the exchange’s long-term development depends on a broader pool of actively traded securities and investors.
