- GSE Records 20.48m Shares Traded as MTN Ghana Overwhelms Market Activity
Trading on the Ghana Stock Exchange was overwhelmingly concentrated in MTN Ghana on September 7, 2026, with the telecommunications company accounting for more than nine-tenths of the value traded during the session. The market recorded 20.48 million shares valued at GH¢139.04 million, highlighting strong headline activity but also an unusually narrow concentration of liquidity in a handful of counters.
MTN Ghana traded 18.47 million shares worth GH¢126.32 million, representing approximately 90.19% of total market volume and 90.85% of total value. The stock closed at GH¢6.85, down GH¢0.01 from its previous closing price of GH¢6.86, equivalent to a marginal decline of about 0.15%.
GCB Bank was a distant second by trading value but still contributed materially to the session, with 268,492 shares changing hands for GH¢10.62 million. The bank closed at GH¢39.56, up GH¢0.01 from GH¢39.55, while its turnover represented roughly 7.64% of the entire market’s value.
Together, MTN Ghana and GCB Bank accounted for approximately 98.49% of total value traded, leaving less than 2.00% of turnover spread across the rest of the market. That concentration means the GH¢139.04 million headline turnover should not automatically be interpreted as broad-based liquidity across listed equities, because most securities recorded relatively modest activity.
Kasapreko PLC was among the more actively traded counters by volume, recording 450,806 shares worth GH¢821,770.18. The stock fell from GH¢1.90 to GH¢1.82, representing a decline of approximately 4.21%, and was among the more notable losers on the main market.
CAL Bank, by contrast, advanced 4.17% from GH¢0.72 to GH¢0.75 after 221,936 shares changed hands for GH¢165,343.97. SIC Insurance also strengthened, climbing from GH¢5.26 to GH¢5.43, an increase of approximately 3.23%, on 9,837 shares valued at GH¢51,478.84.
Trust Bank Gambia recorded one of the strongest percentage gains of the session, rising from GH¢1.20 to GH¢1.28, equivalent to approximately 6.67%. The move came on 14,031 shares worth GH¢17,773.32, demonstrating how relatively small traded values can still produce substantial percentage price movements in thinner counters.
Among the larger declines, Dannex Ayrton Starwin Pharmaceuticals fell from GH¢1.21 to GH¢1.09, a drop of approximately 9.92%, after 18,697 shares were traded. Benso Oil Palm Plantation also weakened by about 2.18% to GH¢75.00, while Ecobank Transnational Incorporated slipped approximately 0.56% to GH¢1.77.
Other blue-chip names recorded limited price movement. Guinness Ghana Breweries remained unchanged at GH¢10.70, GOIL held at GH¢7.45 and Unilever Ghana stayed at GH¢40.00, while Standard Chartered Bank Ghana closed unchanged at GH¢69.89.
Activity on the Ghana Alternative Market was led by Digicut Production & Advertising, which traded 784,960 shares worth GH¢293,756.25 and fell from GH¢0.39 to GH¢0.38, a decline of approximately 2.56%. Intravenous Infusions traded 129,159 shares worth GH¢77,288.79 and dropped from GH¢0.65 to GH¢0.60, equivalent to about 7.69%.
Hords PLC was the other notable GAX counter, with 10,586 shares worth GH¢8,765.38 changing hands while the stock remained unchanged at GH¢0.83. Several other securities on the alternative market recorded no trades, underscoring the liquidity gap between a small number of active counters and the rest of the board.
The NewGold exchange-traded fund recorded 234 units worth GH¢108,199.26, closing unchanged at GH¢462.39. Depositary shares and preference shares were largely inactive, with no recorded turnover in AngloGold Ashanti Depositary Shares or Standard Chartered Bank preference shares during the session.
The September 7 session therefore illustrates a recurring distinction between market turnover and market breadth. GH¢139.04 million in value traded suggests substantial activity at first glance, but with MTN Ghana alone accounting for 90.85% of that amount and MTN plus GCB reaching 98.49%, the day’s liquidity was concentrated rather than broadly distributed.
For the GSE, deeper capital-market development will depend not only on achieving high daily turnover but on spreading that liquidity across a wider range of listed companies. Broader participation would improve price discovery and give investors greater confidence that they can enter and exit positions without relying disproportionately on one or two dominant stocks.
