- GSE Composite Index Drops 1.14 Per Cent as Market Capitalisation Slips
The Ghana Stock Exchange closed the week of May 25 to May 29, 2026 lower, with market capitalisation falling even as trading value surged sharply on the back of heavy activity in MTN Ghana shares.
According to the GSE Equities Market Weekly Trade Summary, market capitalisation declined by 0.50 per cent to GH¢262.94 billion, from GH¢264.27 billion in the previous week. The GSE Composite Index also fell by 1.14 per cent to 14,354.14 points, compared with 14,518.96 points in the prior week. The GSE Financial Stocks Index declined by 0.35 per cent to 7,853.48 points, from 7,881.22 points.
Despite the decline in the indices, trading value rose significantly. Total value traded increased by 176.60 per cent to GH¢112.66 million, from GH¢40.73 million the previous week.
However, volume traded dropped sharply by 69.86 per cent to 17.53 million shares, compared with 58.16 million shares a week earlier. The sharp rise in value despite the fall in volume suggests that trading was concentrated in relatively higher-value counters, particularly MTN Ghana.
The Information and Communications Technology sector dominated the market, accounting for 16.23 million shares valued at GH¢105.74 million. This represented 92.58 per cent of total volume traded and 93.85 per cent of total value traded for the week.
MTN Ghana was the most traded stock by both value and volume. The telecoms stock recorded GH¢105.74 million in value traded and 16.23 million shares in volume traded, making it the clear driver of the week’s market activity.
Zenith Bank Ghana followed in value terms with GH¢2.47 million, ahead of GCB Bank with GH¢829,824, TotalEnergies Marketing Ghana with GH¢677,521, and Ecobank Transnational Incorporated with GH¢468,789.
By volume, CAL Bank followed MTN Ghana with 434,337 shares, while Ecobank Transnational Incorporated recorded 345,937 shares. Zenith Bank Ghana traded 218,188 shares, with SIC Insurance recording 79,924 shares.
In sector performance, ICT led by a wide margin with GH¢105.74 million in value traded. Finance followed with GH¢4.57 million, while Distribution recorded GH¢940,099. Insurance posted GH¢484,038, Agriculture recorded GH¢307,715, Mining posted GH¢244,067, Food and Beverage recorded GH¢199,722, Exchange Traded Funds posted GH¢150,068, and Manufacturing recorded GH¢32,041.
On price movement, Zenith Bank Ghana was the week’s strongest gainer, rising by 18.49 per cent from GH¢9.68 to GH¢11.47.
Ecobank Transnational Incorporated gained 4.51 per cent, closing at GH¢1.39, while the NewGold ETF rose 0.99 per cent to GH¢501.92. TotalEnergies Marketing Ghana also gained 0.27 per cent, closing at GH¢33.00.
On the losing side, SIC Insurance recorded the steepest weekly decline, falling by 5.48 per cent to GH¢5.00.
GCB Bank declined by 4.70 per cent to GH¢35.25, CAL Bank fell 3.95 per cent to GH¢0.73, MTN Ghana lost 3.42 per cent to close at GH¢6.50, while Access Bank Ghana declined 3.07 per cent to GH¢8.20.
Despite the weekly fall, the market remains strongly positive for the year. The GSE Composite Index has returned 63.67 per cent year-to-date, while the GSE Financial Stocks Index is up 68.99 per cent. Market capitalisation is also up 52.83 per cent year-to-date.
The week’s trading pattern shows a market still supported by strong investor interest but vulnerable to corrections in heavily weighted counters. For investors, the message is clear: the GSE remains firmly positive for the year, but weekly performance is increasingly being shaped by a few dominant stocks, especially MTN Ghana.
