- GSE Composite Index Declines 1.70% as MTN Ghana Leads Weekly Market Activity
Trading activity on the Ghana Stock Exchange weakened during the week ending May 15, 2026, as total value traded fell sharply and both the Composite and Financial Stock indices closed lower. According to the GSE Equities Market Weekly Trade Summary, total weekly turnover declined to GH¢28.01 million, from GH¢66.21 million in the previous week, representing a 57.69% drop. Trading volume also fell by 55.09% to 5.28 million shares, from 11.76 million shares a week earlier.
Market capitalisation also eased, closing the week at GH¢264.81 billion, compared with GH¢268.91 billion in the prior week, representing a 1.52% decline.
The GSE Composite Index fell by 1.70% to 14,320.45 points, while the GSE Financial Stock Index declined by 2.93% to 8,068.95 points. Despite the weekly pullback, both indices remained strongly positive for the year, with the GSE-CI up 63.28% year-to-date and the GSE-FSI up 73.63%. The week’s softer performance suggests a market pausing after a strong rally, with investors locking in gains on selected counters while liquidity remained concentrated in a few heavily traded names.
ICT sector was the dominant force in the market, accounting for 2.66 million shares traded and GH¢17.33 million in value. This represented 50.28% of total market volume and 61.88% of total value traded for the week.
That dominance was driven largely by MTN Ghana, which led both the value and volume charts. MTN Ghana recorded GH¢17.32 million in value traded and 2.65 million shares in volume, making it the most active stock of the week.
However, the telecoms counter closed lower at GH¢6.49, from GH¢6.53 the previous week, representing a 0.61% decline. Even with the weekly dip, MTN Ghana remained up 54.52% year-to-date.
The concentration of trading in MTN Ghana shows that the market’s liquidity remains heavily dependent on a narrow group of large, actively followed counters. That pattern has supported turnover during strong sessions but also leaves the broader market exposed when activity in key counters slows.
By value traded, NewGold ETF followed MTN Ghana with GH¢3.42 million, while Ecobank Transnational Incorporated recorded GH¢1.69 million. TotalEnergies Marketing Ghana and GCB Bank completed the top five by value, with GH¢917,216.81 and GH¢727,527.20, respectively.
By volume, MTN Ghana again led with 2.65 million shares, followed by ETI with 1.14 million shares, CalBank with 922,117 shares, Hords PLC with 146,045 shares, and GOIL with 88,178 shares.
Sector performance also showed a clear concentration of market activity. After ICT, the finance sector recorded GH¢3.98 million in value traded, followed by the ETF segment with GH¢3.42 million, distribution with GH¢1.62 million, and mining with GH¢588,942.89.
On price movements, Intravenous Infusions PLC was the top gainer of the week, rising 40.00% to close at GH¢0.07, from GH¢0.05. Clydestone Ghana PLC followed with a 20.12% gain to GH¢1.97, while Hords PLC rose 10.00% to close at GH¢0.11.
Atlantic Lithium also gained 8.46% to close at GH¢8.46, while ZEN Petroleum Holdings advanced 2.58% to GH¢7.55. Societe Generale Ghana posted a modest 1.10% gain to close at GH¢6.46.
The gains were, however, offset by declines in several large-cap and financial counters.
GCB Bank was the worst performer of the week, falling 10.00% to close at GH¢36.00, from GH¢40.00. Access Bank Ghana declined 9.80% to GH¢27.60, while TotalEnergies Marketing Ghana fell 9.56% to GH¢33.00.
Other decliners included ETI, down 5.00% to GH¢1.52; CalBank, down 4.94% to GH¢0.77; Fan Milk, down 4.24% to GH¢13.34; and SIC Insurance, down 3.99% to GH¢5.77.
Despite the broad pullback, the average price change for the week was positive at 2.08%, reflecting strong gains in smaller counters such as Intravenous Infusions, Clydestone and Hords.
The daily trading chart on page three of the report shows that Friday, May 15, recorded the highest turnover value of the week at GH¢9.99 million, compared with GH¢4.02 million on Monday, GH¢3.26 million on Tuesday, GH¢5.79 million on Wednesday and GH¢4.94 million on Thursday.
Friday also recorded the highest trading volume for the week, with 1.46 million shares changing hands. However, market capitalisation remained below Monday’s level, closing the week at GH¢264.81 billion, compared with GH¢268.51 billion at the start of the week.
The week’s trading pattern points to a market entering a more cautious phase after months of strong gains. Investors remain active in selected names, but the decline in volume, turnover and indices suggests profit-taking and portfolio rotation may be weighing on momentum.
The performance of financial stocks will be closely watched in the coming week, particularly after declines in GCB Bank, Access Bank, ETI and CalBank dragged the Financial Stock Index lower.
Attention will also remain on MTN Ghana, which continues to anchor market liquidity despite its marginal weekly price decline. Any recovery in the telecoms counter could support broader sentiment, while further weakness may keep the Composite Index under pressure.
