Equity Market Trading Activity Soars Despite Stagnant Price Movements on GSE
The Ghana Stock Exchange (GSE) closed Tuesday’s trading session on a flat note, with its benchmark Composite Index (GSE-CI) unmoved at 6,025.40 points. This left the index’s year-to-date (YTD) return at 23.26%, reflecting investors’ sustained confidence in equities despite the absence of price movements across the board.
The GSE Financial Stock Index (GSE-FSI) also ended unchanged at 3,061.43 points, preserving its YTD return of 28.59%. These stable readings came against a backdrop of significantly heightened market activity, suggesting that the market’s current momentum remains underpinned by increased investor participation, rather than directional bets on price.
Market turnover rose sharply, with trading volume nearly tripling by 196.94% to 930,793 shares. The total value of transactions surged to GHS2.65 million, a 195.67% leap from the previous session’s GHS895,020.08. Analysts view this spike as indicative of portfolio rebalancing ahead of the dividend season and the broader search for yield amidst cooling inflationary pressures.
Telecoms giant MTN Ghana (MTNGH) dominated the trading charts, accounting for 641,448 shares worth GHS1.92 million—more than 70% of the day’s total trade value. Other actively traded counters included Fan Milk Limited (FML), Ecobank Transnational Incorporated (ETI), CAL Bank (CAL), and Société Générale Ghana (SOGEGH), underscoring a continued investor tilt toward high-liquidity stocks.
Despite the intensified trading, no equities registered price gains or losses, reinforcing the sense of consolidation in the market.
Meanwhile, investors are eyeing dividend pay-outs, with MTNGH expected to disburse a final dividend of GHS0.24 per share on April 16, 2025. This has added to the appeal of the stock, further explaining its outsized trading volume.
Looking back at March, the GSE-CI gained 558.13 points month-on-month, representing a 27.19% YTD gain—well above the 10.41% recorded during the same period last year. The financial index also posted a strong 244.99-point rise. Although volumes dipped by 5.7%, the total value of trades increased by 24.15%, suggesting a shift toward higher-value transactions. Notable gainers for the month included Clydestone (CLYD), TotalEnergies, Access Bank, SIC Insurance, and CAL Bank.
With the market’s capitalisation at GHS134.69 billion and dividend season underway, investors appear to be adopting a wait-and-see stance—balancing income expectations with cautious optimism in the equity market’s medium-term outlook.
