- GSE Trading Reaches GH¢7.30m As MTN Ghana Dominates Liquidity Despite Price Decline
Trading on the Ghana Stock Exchange reached GH¢7.30m on September 23 as MTN Ghana dominated both volume and value, accounting for nearly half of all shares traded and roughly two-thirds of the session’s turnover.
A total of 1,522,129 shares changed hands across the Main Market, Ghana Alternative Market and exchange-traded products.
The session was characterised by highly concentrated liquidity and mixed price movements, with gains in selected banking counters offset by declines in MTN Ghana, SIC Insurance, Kasapreko and several smaller stocks.
MTN Ghana was by far the most influential counter, recording 732,899 shares valued at GH¢4.85m. The telecom operator accounted for approximately 48.15% of total market volume and 66.43% of total value traded, making its performance critical to the overall character of the session.
Its share price, however, slipped by GH¢0.07 from GH¢6.68 to close at GH¢6.61, representing a decline of about 1.05%.
GCB Bank provided the second-largest contribution by value despite trading a much smaller number of shares. The bank recorded 27,210 shares worth GH¢1.09mn, accounting for about 14.94% of total market turnover, while its closing price edged GH¢0.06 higher to GH¢40.06.
Together, MTN Ghana and GCB generated approximately 81.37% of all value traded, underlining how heavily market turnover depended on just two counters.
Kasapreko PLC was another major source of liquidity, with 255,689 shares changing hands for GH¢453,043.89.
The beverage producer represented about 16.80% of total market volume, but its share price fell GH¢0.05 from GH¢1.82 to GH¢1.77, a decline of approximately 2.75%.
The stock ended the session with a bid at GH¢1.77 and an offer at GH¢1.78, indicating a relatively narrow closing spread.
CalBank also attracted substantial trading interest, recording 153,891 shares worth GH¢107,785.76. The stock gained GH¢0.01 to close at GH¢0.71, equivalent to a rise of about 1.43%, and accounted for just over 10.00% of the day’s total market volume.
Combined with MTN Ghana, Kasapreko and SIC Insurance, four counters accounted for more than 77.00% of all shares traded during the session.
Banking counters produced some of the session’s stronger price gains. Ecobank Ghana advanced GH¢1.00 from GH¢38.00 to GH¢39.00, a gain of approximately 2.63%, after 2,218 shares changed hands for GH¢86,502.
Ecobank Transnational Incorporated performed even more strongly, climbing GH¢0.12 from GH¢1.62 to GH¢1.74, equivalent to about 7.41%, on volume of 30,390 shares.
Those gains were counterbalanced by notable declines elsewhere. SIC Insurance fell GH¢0.43 from GH¢5.43 to GH¢5.00, a drop of roughly 7.92%, after 32,469 shares were traded for GH¢165,114.20.
Clydestone declined GH¢0.19 to GH¢4.51, representing a fall of about 4.04%, while Societe Generale Ghana lost GH¢0.06 to close at GH¢5.54.
Other Main Market counters were comparatively stable. GOIL closed unchanged at GH¢6.10 after 19,648 shares worth GH¢119,840.50 changed hands, while ZEN Petroleum Holdings remained at GH¢9.01 on turnover of GH¢35,436.33.
Benso Palm Plantation, Enterprise Group, Fan Milk, Guinness Ghana Breweries, Standard Chartered Bank Ghana, TotalEnergies Marketing Ghana and Unilever Ghana also ended unchanged.
Ordinary shares on the Main Market generated 1,295,409 shares worth GH¢7.18mn, meaning they accounted for the overwhelming majority of total exchange activity.
NewGold contributed only eight units valued at GH¢3,699.04, while no trades were recorded in
AngloGold Ashanti Depositary Shares or Standard Chartered preference shares. The concentration again demonstrates that headline market turnover remains driven principally by a limited group of actively traded ordinary equities.
The Ghana Alternative Market added 226,712 shares to the session but remained modest by value. Intravenous Infusions was the most actively traded GAX counter, with 125,039 shares worth GH¢63,378.36, though its price declined GH¢0.03 to GH¢0.50, a fall of about 5.66%.
Digicut Production & Advertising also fell GH¢0.01 to GH¢0.41 after 75,854 shares changed hands, while Hords remained unchanged at GH¢0.61 on 25,819 shares.
Several listed companies attracted little or no trading despite remaining quoted. AngloGold Ashanti, Aluworks, Camelot Ghana, Cocoa Processing Company, PBC, Trust Bank Gambia, Samba Foods and Meridian Marshalls all recorded zero volume.
The limited activity in these counters illustrates the persistent liquidity gap between Ghana’s most actively traded equities and the long tail of securities that can go entire sessions without a transaction.
The September 23 session therefore combined stronger headline turnover with a relatively narrow base of liquidity. MTN Ghana alone generated more than GH¢4.84mn of the GH¢7.30mn traded, while GCB pushed the combined share of the two stocks above four-fifths of total value.
That concentration means changes in trading activity or valuation in a small number of large counters can materially alter the appearance of overall market performance.
Price action was equally mixed. ETI and Ecobank Ghana posted some of the strongest gains, while SIC Insurance, Intravenous Infusions, Clydestone and Kasapreko recorded notable declines, leaving no uniform direction across the market from the official list alone.
For investors, the more striking feature of the session was therefore not broad price momentum but the extent to which liquidity remained concentrated in MTN Ghana and a handful of financial and consumer stocks.
For the Ghana Stock Exchange, the session again highlights the distinction between turnover growth and market depth. Strong activity in MTN Ghana, GCB and Kasapreko can lift aggregate value substantially, but a deeper market would require more consistent participation across a wider set of listed securities.
The September 23 numbers show that Ghana’s equities market can generate meaningful daily liquidity, but much of that liquidity continues to depend on a relatively small number of stocks.
