- GSE Trades 4.11mn Shares Worth GH¢26.78m as Telecom Stock Drives Activity
Trading on the Ghana Stock Exchange reached GH¢26.78 million on Wednesday, September 2, 2026, as MTN Ghana overwhelmingly dominated market activity and several equities recorded price declines across the main and alternative markets.
A total of 4,107,315 shares and units changed hands during the 7,288th trading session, generating GH¢26,784,084.71 in value. Ordinary shares accounted for 3,994,943 shares worth GH¢26.70 million, while activity on the Ghana Alternative Market and in NewGold provided only a small fraction of overall turnover.
The headline turnover nevertheless concealed an unusually concentrated market. MTN Ghana alone traded 3,526,320 shares worth GH¢24.21 million, equivalent to about 90.39% of the entire value traded across the exchange, meaning the apparent depth of the session was heavily dependent on a single counter.
That concentration matters when interpreting market activity. A session with almost GH¢27.00 million in turnover can appear broadly liquid, but excluding MTN Ghana leaves only about GH¢2.57 million of trading value across all other equities, ETFs and GAX securities.
MTN Ghana closed at GH¢6.86, down GH¢0.06 from its previous closing price of GH¢6.92, representing a decline of approximately 0.87%. The stock ended with a closing bid of GH¢6.98 and offer of GH¢6.99, while its 2026 trading range stood between GH¢4.20 and GH¢7.15.
The combination of heavy volume and a lower closing price suggests substantial liquidity in the stock did not translate into upward price momentum during the session. MTN Ghana’s dominance also means movements in the counter can materially influence perceptions of overall market activity even when participation across many other listed companies remains limited.
GCB Bank provided the second-largest contribution to trading value, with 40,495 shares worth GH¢1.60 million changing hands. The stock closed unchanged at GH¢39.55, accounting for about 5.98% of total market turnover and leaving MTN Ghana and GCB together responsible for more than 96.00% of the session’s value.
Outside those two counters, trading values fell sharply. Kasapreko recorded 94,321 shares worth GH¢178,328.05 and closed marginally lower at GH¢1.89 from GH¢1.90, a decline of approximately 0.53%.
Trust Bank Gambia was among the more actively traded stocks by volume, recording 131,562 shares worth GH¢158,341.06. Its closing price fell from GH¢1.22 to GH¢1.20, equivalent to a 1.64% decline.
CalBank also attracted significant volume, with 107,989 shares traded for GH¢76,953.62. The lender closed at GH¢0.71 compared with GH¢0.73 previously, translating into a decline of about 2.74%.
Some of the sharpest declines were recorded in smaller counters. Clydestone fell from GH¢5.98 to GH¢5.39, a decrease of approximately 9.87%, while Dannex Ayrton Starwin dropped from GH¢1.64 to GH¢1.48, representing a 9.76% decline.
Access Bank Ghana also weakened, closing at GH¢29.50 from GH¢30.95, a fall of about 4.68%, although only 2,125 shares worth GH¢62,687.50 were traded. The relatively low volume means the price movement should be interpreted alongside the limited liquidity in the counter rather than treated as evidence of a broad revaluation of the bank.
SIC Insurance declined 2.76% to GH¢5.29 from GH¢5.44, with 14,901 shares worth GH¢77,452.60 traded. Hords lost about 2.33% on the Ghana Alternative Market, while Intravenous Infusions declined approximately 1.37%.
Ecobank Transnational Incorporated was one of the notable gainers on the main market. ETI advanced from GH¢1.79 to GH¢1.84, equivalent to a 2.79% increase, on 29,859 shares valued at GH¢54,846.53.
The strongest percentage gain came from Digicut Production & Advertising on the GAX, which closed at GH¢0.33 from GH¢0.30, representing a 10.00% increase. Only 25,000 shares worth GH¢8,250 changed hands, however, illustrating the difference between a large percentage price movement and its relatively modest contribution to overall market turnover.
Many of the market’s larger listed companies recorded little or no price movement. Ecobank Ghana remained at GH¢39.02, Enterprise Group at GH¢6.53, Guinness Ghana Breweries at GH¢10.70, GOIL at GH¢7.45 and TotalEnergies Marketing Ghana at GH¢37.80.
Unilever Ghana held at GH¢40.00, while Standard Chartered Bank Ghana remained at GH¢69.89 and ZEN Petroleum Holdings closed unchanged at GH¢10.89. The absence of price movement in several counters partly reflects comparatively thin trading rather than necessarily indicating balanced buying and selling pressure.
NewGold recorded only 16 units worth GH¢7,398.24, closing unchanged at GH¢462.39. Depositary and preference shares recorded no meaningful activity during the session.
The Ghana Alternative Market generated just GH¢75,443.13 in value from Hords, Intravenous Infusions and Digicut, equivalent to roughly 0.28% of overall exchange turnover. Hords traded 35,662 shares, Intravenous Infusions 51,694 shares and Digicut 25,000 shares.
The September 2 session therefore presented a mixed picture. Aggregate turnover was relatively strong, but liquidity remained highly concentrated in MTN Ghana, while several smaller counters recorded sharp percentage price movements on comparatively modest volumes.
For investors, that distinction is important because market turnover alone does not necessarily indicate broad-based participation or improving liquidity across the exchange. A deeper equity market would require more consistent trading across banks, consumer companies, industrial stocks, energy firms and smaller listings rather than dependence on a handful of highly liquid counters.
The day’s activity also underlines MTN Ghana’s continuing importance to the Ghanaian equity market. With more than nine out of every GH¢10 traded during the session passing through the telecom stock, its liquidity profile remains significantly stronger than that of most other listed companies.
The challenge for the GSE is therefore not simply attracting more transaction value, but broadening where that value is distributed. September 2 produced GH¢26.78 million of turnover, but beneath that headline was a market in which one stock continued to carry the overwhelming weight of trading activity.
