- GSE Loses Ground as Composite Index Falls 1.37% Despite 77.81% Surge in Weekly Turnover
The Ghana Stock Exchange ended the trading week of September 7 to 11, 2026, on a weaker footing, with both its benchmark and financial-sector indices retreating even as trading activity accelerated sharply and the value of shares changing hands rose by more than three-quarters.
The GSE Composite Index closed the week at 14,611.15 points, down 1.37% from 14,814.08 points in the previous week, while the GSE Financial Stocks Index declined more steeply by 2.69% to 7,607.46 points from 7,818.11 points.
The losses came despite strong year-to-date performance, with the Composite Index retaining a 66.60% gain since the beginning of 2026 and the Financial Stocks Index remaining 63.70% higher over the same period.
Market capitalisation consequently declined 1.52% week-on-week to GHS276.26bn from GHS280.53bn, although it remained 60.57% higher on a year-to-date basis.
Trading activity, however, moved sharply in the opposite direction.
A total of 34.59mn shares changed hands during the week, representing a 130.22% increase from the 15.03mn shares traded in the preceding week. The value of transactions rose 77.81% to GHS165.94mn from GHS93.32mn, indicating considerably stronger investor participation despite the decline in market prices.
The divergence between rising turnover and falling indices suggests that investors remained active but that selling pressure was concentrated in several counters with sufficient weight to pull the broader market lower.
Price movements were predominantly negative, with the average price change among stocks that moved during the week recorded at -5.01%.
Cocoa Processing Company led the gainers, advancing 10.00% from GHS0.20 to GHS0.22. Enterprise Group followed with a 7.20% increase to GHS7.00, while GCB Bank gained 6.19% to close at GHS42.00.
Fan Milk appreciated 5.82% to GHS14.00, while SIC Insurance rose 3.23% to GHS5.43. The gains extended some of the strong year-to-date performances seen across the market, with SIC up 352.50% since the start of the year and Cocoa Processing Company ahead by 266.67%.
The losing side was considerably broader.
ACCESS Bank Ghana recorded the steepest weekly fall, declining 24.71% from GHS29.50 to GHS22.21. DIGICUT lost 17.95% to close at GHS0.32, while Dannex Ayrton Starwin Pharmaceuticals fell 17.36% to GHS1.00.
GOIL retreated 14.63% to GHS6.36, HORDS declined 14.46% to GHS0.71 and Intravenous Infusions dropped 12.31% to GHS0.57.
Republic Bank Ghana also fell 8.33% to GHS3.85, Societe Generale Ghana shed 6.52% to GHS5.59 and Ecobank Transnational Incorporated lost 4.49% to end the week at GHS1.70.
Other declines included Clydestone Ghana, down 3.47%; Ecobank Ghana, down 2.61%; Benso Oil Palm Plantation, down 2.18%; Kasapreko, down 2.11%; CAL Bank, down 1.39%; and MTN Ghana, which edged 0.15% lower to GHS6.85.
Despite the pullback in several counters, some of the year-to-date returns remained substantial. Intravenous Infusions was still up 1,040.00% for the year, Clydestone had gained 900.00%, HORDS was ahead 610.00% and DIGICUT remained 255.56% higher.
Trading was heavily concentrated in a handful of sectors and stocks.
The information and communications technology sector recorded the highest value traded at GHS26.81mn, representing 16.16% of total market turnover by value. The financial sector followed with GHS19.88mn, while food and beverage stocks generated GHS2.49mn in trades.
Manufacturing accounted for GHS846,360.53, distribution recorded GHS775,316.66 and advertising and production generated GHS620,532.84. Insurance, agriculture and exchange-traded funds contributed smaller amounts of GHS330,327.66, GHS262,353.34 and GHS216,398.52 respectively.
MTN Ghana remained the dominant individual counter by both value and volume.
The telecommunications company recorded GHS26.74mn in value traded from approximately 3.90mn shares, according to the Exchange’s weekly report.
GCB Bank ranked second by value at GHS12.75mn, followed by TotalEnergies Marketing Ghana at GHS3.93mn, Kasapreko at GHS2.14mn and Ecobank Ghana at GHS1.29mn.
By volume, TotalEnergies followed MTN Ghana with 3.28mn shares, while DIGICUT recorded 1.88mn shares, Kasapreko 1.17mn and CAL Bank 610,338 shares.
Daily trading data show that activity was particularly heavy at the beginning of the week. Turnover value reached GHS139.04mn on September 7 on a volume of 20.48mn shares, accounting for the bulk of the week’s overall transactions.
Trading moderated substantially over the remaining sessions, with turnover values of GHS6.55mn on September 8, GHS5.63mn on September 9, GHS4.10mn on September 10 and GHS10.62mn on September 11.
The week therefore presented a mixed picture for investors: liquidity strengthened materially and turnover surged, but broad-based price weakness erased part of the market’s earlier gains.
With the Composite and Financial Stocks indices still recording gains exceeding 60.00% for the year, the latest retreat remains modest relative to the scale of the 2026 rally. The widening gap between robust trading activity and falling prices, however, suggests that investors may be becoming increasingly selective after the market’s strong year-to-date advance.
