- GSE Composite Index Advances 2.27% as Weekly Trading Value Falls
Market capitalisation on the Ghana Stock Exchange rose by 4.54% in the week ending May 19, 2026, even as trading activity slowed sharply, reflecting stronger price gains across selected counters despite a decline in market turnover.
The GSE’s weekly equities market report showed that market capitalisation increased to GHS 288.24 billion from GHS 275.72 billion in the previous week, adding about GHS 12.52 billion in value.
The improvement came as the GSE Composite Index advanced by 2.27% to close the week at 14,769.27 points, while the GSE Financial Stocks Index rose by 2.03% to 8,395.13 points.
Year-to-date, the GSE Composite Index has returned 68.40%, while the GSE Financial Stocks Index has gained 80.65%, pointing to sustained investor appetite for listed equities despite intermittent declines in trading volumes.
Total volume traded for the week fell by 27.40% to 13.36 million shares from 18.40 million shares in the prior week. Value traded also declined by 33.26% to GHS 108.95 million from GHS 163.25 million.
The decline in turnover suggests that while market prices continued to strengthen, investor activity was less broad-based than in the previous week.
The market was largely driven by the finance and ICT sectors, which together accounted for the bulk of trading activity.
According to the report, ICT led by volume, with 7.31 million shares traded, representing 54.71% of total market volume. The finance sector led by value, recording GHS 59.06 million in trades, equivalent to 54.21% of total market value.
The value traded chart on page two of the report showed finance clearly ahead of all sectors, followed by ICT with GHS 46.93 million. Distribution recorded GHS 929,013.82, food and beverage GHS 724,891.22, insurance GHS 690,196.10, agriculture GHS 300,442.70, mining GHS 202,609.38, manufacturing GHS 100,457.63 and exchange traded funds GHS 10,164.48.
GCB Bank emerged as the top stock by value traded, with GHS 50.56 million changing hands during the week. MTN Ghana followed with GHS 46.92 million, while Ecobank Transnational Incorporated recorded GHS 4.44 million.
CAL Bank and Société Générale Ghana completed the top five by value traded with GHS 1.39 million and GHS 812,230.80 respectively.
In volume terms, MTN Ghana dominated market activity with 7.30 million shares traded. ETI followed with 2.00 million shares, while CAL Bank recorded 1.78 million shares. GCB Bank traded 1.40 million shares, and newly listed Kasapreko PLC recorded 337,070 shares.
The dominance of MTN Ghana by volume and GCB Bank by value highlights the two different layers of activity on the market: high-volume liquidity in telecommunications and high-value transactions in banking.
Price movements were broadly positive, with the average weekly price change recorded at 7.31%.
Kasapreko PLC led the gainers, rising by 59.17% from GHS 1.20 to GHS 1.91. The strong price movement reflects continued investor interest in the beverage producer following its listing on the local bourse.
Intravenous Infusions Limited followed with a gain of 18.18%, closing at GHS 0.13 from GHS 0.11. SIC Insurance rose by 13.59% to GHS 5.60, extending its year-to-date gain to 366.67%.
Meridian-Marshalls Holdings advanced by 10.00% to GHS 0.11, while Access Bank Ghana also rose by 10.00% to GHS 31.90.
ETI gained 9.09% to close at GHS 2.28, CAL Bank increased by 6.49% to GHS 0.82, and Fan Milk rose by 5.40% to GHS 8.40.
Clydestone Ghana also gained 2.04% to close at GHS 2.50, giving it a year-to-date return of 400.00%, the highest among the stocks listed in the weekly movers table.
On the losing side, Ecobank Ghana recorded the steepest decline, falling by 4.88% from GHS 41.00 to GHS 39.00. Republic Bank Ghana dropped by 3.60% to GHS 4.82, while TotalEnergies Marketing Ghana fell by 0.83% to GHS 36.00.
MTN Ghana slipped marginally by 0.16% to GHS 6.41, Société Générale Ghana declined by 0.15% to GHS 6.79, while Standard Chartered Bank, Benso Oil Palm Plantation and NewGold ETF recorded marginal losses of 0.01%.
The daily market chart on page three showed the week’s highest turnover value on May 15 at GHS 46.38 million, supported by 4.27 million shares traded. The second highest value was recorded on May 17 at GHS 32.73 million.
Trading value dropped sharply to GHS 4.84 million on May 16 and GHS 7.84 million on May 18, before recovering to GHS 17.15 million on May 19.
Market capitalisation moved unevenly through the week but ended at its highest level of GHS 288.24 billion on May 19, compared with GHS 285.47 billion on May 15.
The week’s performance suggests that investor confidence in selected equities remained strong, even though overall liquidity moderated.
The continued rise in both the Composite Index and Financial Stocks Index shows that price appreciation, particularly in banking, insurance and selected high-growth counters, remains the main driver of market performance.
However, the fall in volume and value traded also indicates that market activity may still be concentrated in a few large counters.
For the broader market to deepen, trading will need to become more evenly spread across sectors beyond finance and ICT.
For now, the Ghana Stock Exchange remains firmly in positive year-to-date territory, with market capitalisation rising and key indices sustaining gains.
The latest weekly data shows a market where prices are still advancing, even as weekly turnover has cooled.
