- Ghana Equities Record GH¢22.55m Turnover Amid Sharp Clydestone Decline
Trading on the Ghana Stock Exchange reached GH¢22.55m on Thursday, September 24, with activity heavily concentrated in MTN Ghana as investors exchanged more than 3.55mn shares across the main market, the Ghana Alternative Market and the exchange-traded fund segment.
MTN Ghana accounted for 2.87m shares valued at GH¢18.81mn, representing 80.7 per cent of total market volume and 83.4 per cent of the value of all securities traded during the 7,303rd trading session.
The telecommunications company’s dominance provided the market with a strong turnover headline, but also exposed the narrowness of liquidity across much of the exchange.
Excluding MTN Ghana, the remaining listed equities and exchange-traded securities generated turnover of about GH¢3.75m. Several companies recorded no trades, while others registered transactions worth only a few thousand cedis.
MTN Ghana ended the session at GH¢6.56 per share, down GH¢0.05 from its previous closing price of GH¢6.61. The decline represented a 0.76 per cent fall, leaving the company below its 2026 high of GH¢7.15 but substantially above its annual low of GH¢4.20.
The shares opened at GH¢6.61 and recorded a final transaction price of GH¢6.56. The closing bid was GH¢6.51, while the reported offer price was GH¢6.55.
The small difference between the traded price and the bid-offer levels points to continued investor interest in the stock. However, MTN Ghana’s weight in daily trading means that relatively modest changes in demand for its shares can shape the appearance of the wider market.
SIC Insurance Company recorded the strongest absolute price gain of the session, rising GH¢0.23 to close at GH¢5.23.
The increase represented a 4.6 per cent appreciation from the previous closing price of GH¢5.00. Investors traded 22,020 SIC shares valued at GH¢111,758.94.
The insurer’s closing price remained below its 2026 high of GH¢6.09 but significantly above its annual low of GH¢1.20.
Kasapreko added GH¢0.01 to close at GH¢1.78 after 112,311 shares changed hands for GH¢200,453.67. The drinks manufacturer has traded between GH¢1.20 and GH¢2.30 during the year.
Société Générale Ghana also gained GH¢0.01, ending the session at GH¢5.55. The bank recorded 6,961 shares valued at GH¢38,629.70.
The three advancing stocks show that buying interest was not entirely absent. Yet their combined trading value was less than GH¢351,000, illustrating the difference between isolated price gains and market-wide momentum.
Clydestone Ghana was the session’s biggest percentage loser, falling GH¢0.44, or 9.76 per cent, to close at GH¢4.07.
A total of 22,926 shares changed hands at a value of GH¢93,308.82. The technology company’s closing price was well below its 2026 high of GH¢6.57, although it remained far above its annual low of GH¢0.46.
Ecobank Transnational Incorporated declined GH¢0.05 to GH¢1.69, representing a 2.87 per cent fall. The lender recorded 129,477 shares valued at GH¢218,671.67.
Fan Milk slipped GH¢0.02 to GH¢14 after 97,686 shares changed hands. Despite the small price movement, the stock generated GH¢1.37mn in turnover, making it the second-largest contributor to the value of ordinary shares traded after MTN Ghana.
GCB Bank fell marginally by GH¢0.01 to GH¢40.05. The bank recorded 13,220 shares valued at GH¢529,354, the third-highest ordinary-share turnover by value during the session.
On the Ghana Alternative Market, Digicut Production and Advertising declined GH¢0.01 to GH¢0.40. Investors traded 75,362 shares valued at GH¢30,284.82.
Banking and financial stocks delivered mixed performances. CalBank was among the most actively traded financial stocks by volume, recording 126,513 shares valued at GH¢91,284.97. Its price was unchanged at GH¢0.71.
Ecobank Ghana closed unchanged at GH¢39 after 4,832 shares worth GH¢188,448 were traded. Access Bank Ghana also ended flat at GH¢20.67, with only 120 shares changing hands.
First Atlantic Bank remained at GH¢8.40 after 500 shares traded, while Republic Bank Ghana closed unchanged at GH¢4.04 on a volume of 802 shares.
Standard Chartered Bank Ghana recorded just 69 shares valued at GH¢4,821.72 and closed unchanged at GH¢69.89.
The figures underline the difference between the market capitalisation of Ghana’s listed banks and the liquidity available in their shares. Some banking stocks command relatively high prices but trade infrequently, limiting the ability of investors to enter or exit substantial positions without affecting prices.
Agricultural Development Bank, meanwhile, recorded no trade and remained at GH¢5.30.
Outside the financial and telecommunications sectors, trading was selective.
Enterprise Group recorded 35,901 shares valued at GH¢251,307 and closed unchanged at GH¢7.00.
Ghana Oil Company remained at GH¢6.10 after 13,842 shares worth GH¢84,409.20 changed hands. TotalEnergies Marketing Ghana recorded only 244 shares valued at GH¢9,223.20 and closed unchanged at GH¢37.80.
Guinness Ghana Breweries ended at GH¢10.70 after 381 shares traded, while Unilever Ghana remained at its annual high of GH¢40.00, with just 240 shares changing hands.
Dannex Ayrton Starwin recorded 3,447 shares and closed unchanged at GH¢1.19. Benso Oil Palm Plantation also remained flat at GH¢75 after 342 shares traded.
ZEN Petroleum closed unchanged at GH¢9.01, with 1,341 shares valued at GH¢12,082.41 changing hands.
Atlantic Lithium recorded 1,518 shares valued at GH¢8,045.40 and remained at GH¢5.30. AngloGold Ashanti, Asante Gold and Tullow Oil recorded no trades.
In the exchange-traded fund segment, 966 NewGold units changed hands at GH¢462.38, generating GH¢446,659.08 in turnover.
The ETF alone accounted for almost 2 per cent of the market’s total traded value, demonstrating how a small number of high-priced units can make a meaningful contribution to turnover.
On the Ghana Alternative Market, total activity remained modest. Intravenous Infusions recorded 14,573 shares valued at GH¢7,723.69, while Hords traded 1,137 shares valued at GH¢693.57.
Meridian-Marshalls Holdings recorded 57 shares worth GH¢6.84, while Samba Foods registered no transaction.
The alternative market contributed 91,129 shares valued at only GH¢38,708.92. Digicut alone accounted for more than 82 per cent of that segment’s traded volume.
The session’s GH¢22.55m turnover is substantial by recent market standards, but the distribution of activity presents a more cautious picture.
Ordinary shares accounted for 3.46m shares valued at GH¢22.07m. Yet one company, MTN Ghana, supplied more than four-fifths of both volume and value.
Only a small number of other equities generated turnover above GH¢100,000. Fan Milk, GCB Bank, Enterprise Group, Ecobank Transnational, Kasapreko, Ecobank Ghana and SIC were among the relatively active counters.
The concentration matters because turnover is often treated as evidence of market depth. A genuinely deep market requires sustained trading across several sectors and companies, not merely large transactions in one highly liquid stock.
For the Ghana Stock Exchange, the longer-term challenge is to convert the growing visibility of a few leading companies into wider investor participation. That will require more institutional trading, stronger analyst coverage, improved disclosure and a broader pipeline of investible listings.
Thursday’s session showed that the exchange can generate significant value. It also demonstrated that Ghana’s equity market continues to depend heavily on one telecommunications company to deliver it.
