- GSE Weekly Turnover Falls 23.5% as Indices Retreat Ahead of Cautious Market Open
The Ghana Stock Exchange ended the week of May 4 to May 8, 2026 lower, with the main indices retreating and market capitalisation declining, even as trading volumes improved marginally.
According to the GSE Equities Market Weekly Trade Summary, the GSE Composite Index fell 3.72% week-on-week to 14,567.57 points, while the GSE Financial Stocks Index declined 5.96% to 8,312.72 points. Market capitalisation also dropped by 4.59% to GH¢268.91 billion, from GH¢281.84 billion in the previous week.
Weekly volume traded rose 2.24% to 11.76 million shares, compared with 11.51 million shares in the prior week. However, value traded fell 23.50% to GH¢66.21 million, from GH¢86.54 million, suggesting that while more shares changed hands, activity was concentrated in lower-value or lower-priced transactions.
The ICT sector dominated market activity, accounting for 7.99 million shares valued at GH¢53.67 million. This represented 68.00% of total market volume and 81.06% of total value traded, underlining the continued dominance of MTN Ghana in weekly market turnover.
MTN Ghana led the top five stocks by value traded with GH¢53.66 million, followed by Ecobank Transnational Incorporated with GH¢2.08 million, ZEN Petroleum with GH¢1.95 million, GCB Bank with GH¢1.23 million, and CALBank with GH¢1.11 million.
By volume, MTN Ghana also led with 7.99 million shares, followed by CALBank with 1.28 million shares, ETI with 1.20 million shares, HORDS with 431,353 shares, and ZEN Petroleum with 319,259 shares.
Despite the broader pullback, some counters posted strong gains. Fan Milk PLC was the top performer for the week, rising 21.13% to close at GH¢13.93. ZEN Petroleum followed with a 19.87% gain to GH¢7.36, while TotalEnergies Marketing Ghana gained 6.60% to close at GH¢36.49.
Other gainers included SIC Insurance, up 6.37%; Clydestone Ghana, up 2.50%; Societe Generale Ghana, up 1.27%; and GOIL, up 0.63%. The average price change for the week stood at 0.64%.
On the losing side, ETI recorded the steepest decline, falling 26.61% to close at GH¢1.60. CALBank declined 10.00%, while MTN Ghana lost 3.97%. GCB Bank fell 3.73%, and Enterprise Group declined 3.54%.
The new trading week is therefore expected to begin cautiously but selectively. The decline in the two main indices and the fall in market capitalisation suggest that investors may begin the week reassessing their positions, particularly in large-cap and financial counters.
However, market liquidity could remain supported by interest in selected momentum stocks, especially Fan Milk, ZEN Petroleum, TotalEnergies and SIC, which showed resilience during the previous week.
The market may also take direction from MTN Ghana, given its dominance of weekly value and volume traded. With MTN Ghana, ETI, CALBank and GCB among the most active counters, the opening tone of the new week will likely depend on whether bargain-hunting emerges after recent price declines in these stocks.
Overall, the GSE is expected to open the week with mixed sentiment: cautious because of the previous week’s retreat in the indices, but supported by selective buying in liquid counters and stocks with strong recent momentum.
