- GSE Opens Week Higher as TotalEnergies, MTN And ETI Drive Gains
The Ghana Stock Exchange opened the week with stronger price momentum but sharply weaker trading activity, as gains in MTN Ghana, TotalEnergies Marketing Ghana and selected financial stocks lifted market sentiment despite an 88 per cent contraction in turnover value.
Total volume traded on Monday, October 12, reached 1.80 million shares valued at GH¢3.92 million. That represented a 66.48 per cent decline in volume and an 87.70 per cent fall in value compared with Friday, October 9, when 5.38 million shares worth GH¢31.89 million changed hands.
Less money changed hands, but it moved through more trades. Average value per transaction consequently fell by 62.65 per cent, from about GH¢1.62 million to GH¢604,575.
The figures point to a market that became more active in frequency while turning smaller in average ticket size. They also show that the decline in headline turnover did not reflect a general withdrawal of investors. Instead, activity rotated sharply away from restructured government bonds and into shorter government paper.
TotalEnergies Marketing Ghana rose GH¢3.50, or 9.09 per cent, to GH¢42.00, matching its 2026 high. The move occurred on only 1,449 shares valued at GH¢57,606.50.
The rally was therefore significant for price discovery but modest in liquidity terms. With an outstanding offer at GH¢42.34 and a closing bid of GH¢38.50, the stock ended with a wide spread that could leave its next movement sensitive to relatively small orders.
MTN Ghana provided the more consequential support. The telecommunications stock advanced GH¢0.30, or 4.65 per cent, to GH¢6.75. Its closing bid stood at GH¢6.80, above the session’s closing price, while the offer was GH¢6.83, indicating residual buying interest.
However, MTN’s activity fell dramatically from Friday. Only 88,073 shares worth GH¢595,538.82 traded, compared with 4.43 million shares valued at GH¢28.62 million on October 9. Volume consequently declined 98.01 per cent and value fell 97.92 per cent.
Friday’s exceptional MTN block had accounted for nearly 90 per cent of market value, making the comparison unusually demanding. Monday’s decline therefore reflects the absence of another institutional-sized transaction rather than an outright collapse in ordinary investor participation.
Enterprise Group gained GH¢0.20, or 2.60 per cent, to GH¢7.90, while SIC Insurance increased GH¢0.15, or 2.92 per cent, to GH¢5.28. Cocoa Processing Company advanced GH¢0.02 to GH¢0.32, representing a 6.67 per cent gain.
Ecobank Transnational Incorporated rose GH¢0.05, or 3.25 per cent, to GH¢1.59 and became the session’s liquidity leader. It traded 1.07 million shares valued at GH¢1.70 million, accounting for 59.10 per cent of total market volume and 43.31 per cent of value.
That performance represented a sharp reversal from Friday, when ETI slipped one pesewa to GH¢1.54. Monday’s rebound more than recovered the previous decline, but the closing market presented a mixed signal: the best bid was GH¢1.51 and the offer GH¢1.54, both below the closing price.
This suggests that the last transaction may not fully represent the price at which demand was prepared to continue. Unless bids strengthen, ETI could struggle to hold the entire gain in the next session.
GOIL fell GH¢0.25, or 4.17 per cent, to GH¢5.75, reversing part of the recovery that had taken the stock from GH¢5.62 on October 7 to GH¢6.00 on October 8.
Only 2,633 shares worth GH¢15,123.89 traded. The closing bid of GH¢5.51 and offer of GH¢5.99 revealed a wide spread and limited agreement between buyers and sellers. That weak depth leaves the stock vulnerable to further volatility even where daily turnover remains small.
Kasapreko declined one pesewa, or 0.52 per cent, to GH¢1.91. The brewer traded 159,175 shares valued at GH¢302,432.17, making it the third-most active stock by volume behind ETI and CAL Bank.
The decline followed Friday’s GH¢0.10 increase to GH¢1.92. Monday’s marginal pullback therefore appears more consistent with consolidation than a broad reversal, although the closing offer of GH¢1.90 was slightly below the final transaction price.
Ordinary-share volume declined to 1.67 million from 5.26 million, while value fell to GH¢3.85 million from GH¢31.81 million. Despite that contraction, trading value was distributed more widely than on Friday.
ETI accounted for 43.31 per cent of total value, MTN Ghana contributed 15.18 per cent and Ecobank Ghana represented 12.73 per cent. Kasapreko and CAL Bank supplied another 7.71 per cent and 5.48 per cent respectively.
Together, those five stocks generated approximately 84.41 per cent of market turnover value. Concentration therefore remained high, but it was materially less dependent on one company than during the previous session.
The fall in value was steeper than the decline in volume because Monday’s activity shifted towards lower-priced equities. ETI, CAL Bank and Kasapreko together supplied 1.52 million shares, more than four-fifths of market volume, but their value remained below GH¢2.22 million. Friday’s MTN block carried a higher value per transaction and distorted the market total upward. This distinction matters when assessing liquidity. A large number of shares can create the appearance of activity, yet the capital committed may remain limited when trading is concentrated in low-priced counters. Sustainable market depth requires frequent transactions and meaningful value across a range of securities, particularly larger companies that influence the index.
Ecobank Ghana traded 12,800 shares worth GH¢499,290 without changing price at GH¢39.00. CAL Bank generated 298,301 shares valued at GH¢214,834.52 and closed unchanged at GH¢0.73.
GCB Bank remained at GH¢40.18 on 3,807 shares, while First Atlantic Bank held GH¢8.00. Standard Chartered recorded no transaction and retained its GH¢69.87 reference price.
The financial sector’s price performance was consequently led by ETI, Enterprise Group and SIC. Yet ETI’s weak closing bid and the limited volumes behind the other gainers suggest caution in interpreting the advance as a broad re-rating of financial shares.
The Ghana Alternative Market contributed 128,342 shares worth GH¢72,243.74, with no price changes among its five listed counters.
Intravenous Infusions dominated GAX activity with 73,972 shares valued at GH¢40,684.60, while Digicut recorded 52,125 shares worth GH¢29,718.24. Hords traded 2,245 shares valued at GH¢1,840.90.
NewGold recorded nine units worth GH¢4,161.33 and closed unchanged at GH¢462.37. There were no trades in AngloGold Ashanti Depositary Shares or Standard Chartered preference shares.
Monday’s positive breadth gives the market a constructive opening to the week. Gains in MTN Ghana, ETI, TotalEnergies, Enterprise Group, SIC and Cocoa Processing outweighed losses in GOIL and Kasapreko.
The quality of the advance, however, will depend on whether buying continues at the new prices. Several gainers closed above their best bids, while the largest price increase in TotalEnergies was supported by fewer than 1,500 shares.
MTN Ghana remains the most important near-term driver because of its market weight and the strength of its closing bid. A sustained move above GH¢6.75 would provide firmer support to the broader market, particularly if accompanied by a recovery in volume.
ETI will be equally important for financial stocks. Its million-share turnover showed substantial liquidity, but the gap between its GH¢1.59 closing price and GH¢1.51 bid creates a risk of correction.
The October 12 session ultimately combined improved breadth with reduced depth. Investors marked several influential stocks higher, but overall value returned to a comparatively modest level after Friday’s exceptional transaction. The next test is whether fresh demand can convert Monday’s price gains into a sustained advance rather than a thinly traded opening-week rebound.
