- GSE Composite Index Rises but 12 Stocks Close the Week Lower
The Ghana Stock Exchange ended the trading week of October 26 to October 30, 2026, with a stronger Composite Index and higher market capitalisation, although the headline gains masked weak market breadth and a heavy concentration of trading activity in MTN Ghana.
The GSE Composite Index advanced by 1.38% to close at 14,302.27 points, raising its year-to-date return to 63.08%.
The GSE Financial Stocks Index moved in the opposite direction, declining by 0.54% from 7,428.53 points to 7,388.15 points. Its year-to-date return nevertheless remained strong at 58.98%.
Total market capitalisation increased by GH¢1.43 billion, rising from GH¢266.72 billion in the previous week to GH¢268.15 billion. This represented a weekly increase of 0.54%, while the market’s year-to-date capitalisation gain stood at 55.86%.
The increase in the Composite Index was driven mainly by gains in GCB Bank, MTN Ghana and Kasapreko. These three advancers were, however, heavily outnumbered by 12 stocks that ended the week lower.
GCB Bank led the gainers, rising by GH¢1.85, or 4.60%, from GH¢40.23 to GH¢42.08. The bank’s shares have appreciated by 91.27% since the beginning of 2026.
MTN Ghana gained GH¢0.23, representing a 3.53% increase, to close at GH¢6.75. Its year-to-date gain rose to 60.71%.
Kasapreko advanced by GH¢0.04, or 2.21%, from GH¢1.81 to GH¢1.85. The beverage company has gained 54.17% since the start of the year.
These advances were sufficient to lift the Composite Index because GCB Bank and MTN Ghana carry considerably more weight in the benchmark than many of the stocks that recorded losses.
The positive index movement, therefore, did not indicate broad buying across the market. The average price change among the stocks that moved during the week was negative 2.53%, showing that the typical price-changing stock lost value.
Digicut Production and Advertising was the week’s worst performer, declining by 9.30% from GH¢0.43 to GH¢0.39. Despite that decline, the company maintained a year-to-date gain of 333.33%.
Hords fell by 8.54% to GH¢0.75, while Intravenous Infusions declined by 5.26% to GH¢0.54. The two stocks still held year-to-date gains of 650.00% and 980.00%, respectively.
Societe Generale Ghana lost 7.40% to close at GH¢4.63. Its year-to-date return consequently fell further into negative territory at negative 6.09%.
Ecobank Transnational Incorporated declined by 4.64% to GH¢1.44, while Clydestone Ghana lost 3.75% to close at GH¢3.85.
GOIL fell by 3.17% to GH¢5.50, TotalEnergies Marketing Ghana declined by 2.46% to GH¢39.99 and Republic Bank Ghana lost 2.20% to finish at GH¢4.00.
Enterprise Group, Guinness Ghana Breweries and Fan Milk also closed the week lower.
Total trading volume declined sharply despite the increase in the benchmark index. Investors exchanged 10.53 million shares, down 14.76% from the 12.36 million shares traded in the previous week.
The value of shares traded, however, increased marginally by 0.20%, from GH¢56.41 million to GH¢56.52 million.
The divergence between declining volume and stable turnover value suggests that trading was concentrated in relatively higher-value transactions, particularly those involving MTN Ghana.
The telecommunications company accounted for GH¢45.39 million of the week’s turnover and 6.95 million shares. This means MTN Ghana alone represented approximately 80.31% of total traded value and 65.94% of total volume.
At the sector level, information and communications technology accounted for GH¢45.45 million, equivalent to 80.42% of total market turnover. The sector contributed 6.96 million shares, representing 66.09% of weekly volume.
The figures underline the extent to which overall market liquidity depended on a single sector and, more specifically, one listed company.
The finance sector followed with GH¢4.99 million in turnover, while food and beverages generated GH¢2.69 million. Insurance stocks accounted for GH¢1.95 million, and the distribution sector contributed GH¢959,954.62.
Manufacturing recorded GH¢255,136.82, exchange-traded funds generated GH¢117,901.80, and advertising and production stocks accounted for GH¢60,508.67. Mining produced the lowest sector turnover at GH¢24,892.39.
GCB Bank ranked second among the most actively traded equities by value, generating GH¢1.99 million. Enterprise Group followed with GH¢1.63 million, while Guinness Ghana Breweries and CalBank recorded GH¢1.53 million and GH¢1.00 million, respectively.
CalBank was the second most heavily traded stock by volume, with 1.37 million shares changing hands. It was followed by Kasapreko with 551,148 shares, ETI with 395,274 shares and Intravenous Infusions with 274,657 shares.
Trading activity was particularly concentrated on Wednesday, October 28. The session recorded 6.88 million shares valued at GH¢41.50 million, accounting for approximately 73.42% of the week’s entire turnover value.
Monday’s trading produced GH¢2.35 million in turnover, while Tuesday and Thursday recorded GH¢2.00 million and GH¢2.04 million, respectively. Activity recovered on Friday, with turnover rising to GH¢8.64 million from 1.31 million shares.
The market’s weekly performance presents two contrasting pictures. The advance in the Composite Index, the rise in capitalisation and the continued strength of year-to-date returns confirm that selected large-cap stocks remain attractive to investors.
However, the negative market breadth, decline in the Financial Stocks Index and extreme concentration of turnover in MTN Ghana point to a less balanced market underneath the headline numbers.
Sustaining the broader rally will require stronger participation across banking, insurance, manufacturing, energy and consumer stocks. Without that wider participation, movements in a small number of heavily weighted shares will continue to determine the direction of the exchange, even when most actively changing stocks are losing value.
Source: GSE Weekly Equities Market Report October 26 to 30, 2026.
