- GSE Trading Narrows Around MTN Ghana as Turnover Climbs 3.50%
Trading activity on the Ghana Stock Exchange closed higher on Thursday, July 9, 2026, as total market turnover rose to GH¢18.30 million, driven overwhelmingly by strong investor activity in MTN Ghana.
The market recorded total traded volume of 3.66 million shares, valued at GH¢18.30 million. Compared with the previous session’s turnover of GH¢17.68 million, market value increased by 3.50%, even though total volume declined by 11.53% from 4.14 million shares.
This means fewer shares changed hands, but the value of trades improved, largely because activity was concentrated in higher-value counters, especially MTN Ghana, GCB Bank and TotalEnergies Marketing Ghana.
MTN Ghana was the clear market leader, trading 2.16 million shares valued at GH¢13.96 million. The counter alone accounted for 76.29% of total market turnover and 59.01% of total shares traded.
The telecom stock closed at GH¢6.46, gaining GH¢0.03 from its previous closing price of GH¢6.43. This represented a price appreciation of 0.47%.
MTN Ghana’s dominance again showed how dependent the local bourse remains on a few highly liquid counters. When MTN Ghana records strong activity, overall market turnover tends to improve. When activity in the stock slows, the wider market often looks thin.
Kasapreko PLC followed as the second most active stock by value, with 859,409 shares traded for GH¢1.61 million. The beverage manufacturer accounted for 8.82% of total market turnover and 23.45% of total volume.
Kasapreko closed unchanged at GH¢1.88, maintaining its previous closing price. Although the counter did not record a price gain, its continued volume shows that it remains one of the most active stocks on the exchange since its listing.
Together, MTN Ghana and Kasapreko accounted for 85.10% of total market turnover and 82.47% of total traded volume. This level of concentration shows that while the market posted a stronger value performance, trading depth remained narrow.
GCB Bank PLC was the third largest contributor to market value, recording 14,969 shares valued at GH¢635,884.90. The stock closed at GH¢42.50, gaining GH¢0.15 from its previous closing price of GH¢42.35.
TotalEnergies Marketing Ghana PLC also recorded notable activity, trading 14,337 shares valued at GH¢587,817.00. The stock closed unchanged at GH¢41.00 after recording a strong price gain in the previous session.
CalBank PLC traded 434,294 shares valued at GH¢341,638.79, closing at GH¢0.79 after gaining GH¢0.01. The price movement represented a 1.28% increase from its previous closing price of GH¢0.78.
SIC Insurance Company PLC recorded 52,549 shares valued at GH¢315,294.00, closing unchanged at GH¢6.00. Ecobank Ghana PLC traded 7,201 shares valued at GH¢244,884.00, also closing unchanged at GH¢34.00.
Republic Bank Ghana PLC recorded 48,353 shares valued at GH¢190,027.29, closing flat at GH¢3.93. Ghana Oil Company PLC traded 13,623 shares valued at GH¢108,711.54, while Fan Milk PLC traded 6,215 shares valued at GH¢82,659.50.
The session produced price gains in six counters. MTN Ghana gained GH¢0.03 to close at GH¢6.46, GCB Bank advanced by GH¢0.15 to close at GH¢42.50, and CalBank gained GH¢0.01 to close at GH¢0.79.
Cocoa Processing Company PLC also gained GH¢0.01 to close at GH¢0.14, while Hords PLC and Intravenous Infusions PLC on the Ghana Alternative Market gained GH¢0.01 and GH¢0.02 respectively. Hords closed at GH¢0.13, while Intravenous Infusions closed at GH¢0.26.
The only decliner among the traded counters was Ecobank Transnational Incorporated, which fell by GH¢0.01 to close at GH¢2.18. The stock traded 33,770 shares valued at GH¢73,526.87.
The limited number of decliners suggests that market sentiment remained broadly positive, even though price gains were not widespread across the main board. Most counters closed unchanged, pointing to a session where value was driven more by concentration in selected stocks than by broad market movement.
Ordinary shares accounted for nearly all market activity, with a subtotal of 3.66 million shares valued at GH¢18.29 million. The NewGold exchange-traded fund recorded 21 units traded for GH¢9,702.00, closing unchanged at GH¢462.00.
On the Ghana Alternative Market, activity remained modest. Hords PLC traded 2,290 shares valued at GH¢297.70, while Intravenous Infusions PLC traded 2,005 shares valued at GH¢521.30. The total value traded on the GAX remained small compared with the main board.
Several counters recorded no trades during the session, including Agricultural Development Bank, AngloGold Ashanti, Aluworks, Atlantic Lithium, Clydestone, Camelot Ghana, Dannex Ayrton Starwin, First Atlantic Bank, PBC, Trust Bank Gambia and Standard Chartered Bank preference shares.
The market’s performance therefore reflected two clear trends. First, investor appetite remained strongest in liquid counters, especially MTN Ghana and Kasapreko. Second, overall market breadth remained limited, with a few stocks carrying most of the value traded.
For investors, MTN Ghana continues to serve as the main liquidity anchor on the exchange. Its 76.29% share of total market turnover on Thursday underlines its central role in daily trading activity.
For the wider market, however, the concentration raises a familiar concern. A stronger equity market requires more active participation across a broader range of listed companies. Without that, daily turnover will continue to depend heavily on movements in a small number of counters.
Thursday’s trading session ended with higher turnover, stronger value in MTN Ghana and modest gains in selected stocks.
But the deeper story remains the same: the Ghana Stock Exchange is active, but its liquidity is still too concentrated.
