- Kasapreko Extends Gains as MTN Ghana Drives 38% of GSE Turnover
MTN Ghana recovered most of the losses recorded in the previous trading session as turnover on the Ghana Stock Exchange returned to more typical levels following Friday’s unusually large transaction in the telecommunications company.
The shares of Scancom Plc, which trades as MTN Ghana, climbed GH¢0.32, or 5.1 per cent, to close at GH¢6.54 on Monday, September 28.
The rebound followed a GH¢0.34 decline on Friday, when the stock fell from GH¢6.56 to GH¢6.22 amid the exchange of almost 17.93m shares valued at GH¢111.66m.
Monday’s recovery came on a much smaller volume of 298,817 shares worth GH¢1.95m. MTN Ghana nevertheless remained the most actively traded company by value, contributing 38.1 per cent of total market turnover.
The change in trading activity is important because the sharp decline in overall turnover does not necessarily indicate a sudden loss of investor interest. Friday’s market value was heavily distorted by a single large trade in MTN Ghana.
Total turnover across the exchange fell to GH¢5.13mn from GH¢112.73m in the preceding session, representing a decline of approximately 95.5 per cent.
The volume of securities traded also dropped from 18.49m to 1.17m, a reduction of about 93.7 per cent.
Excluding the large MTN transaction recorded on Friday, Monday’s activity presents a more conventional picture of liquidity on the exchange: trading remained concentrated in a few relatively active counters, while several listed companies recorded either small volumes or no transactions.
TotalEnergies Marketing Ghana recorded the steepest decline among main-market stocks, falling GH¢2.48, or 6.6 per cent, from GH¢37.80 to GH¢35.32.
A total of 19,676 shares changed hands at a value of GH¢695,037.64, making TotalEnergies the second-largest contributor to turnover after MTN Ghana.
The decline left the company’s closing price below its available offer price of GH¢37, indicating a potentially wide gap between the price at which Monday’s transactions were completed and the level at which sellers were prepared to offer additional shares at the close.
CalBank fell GH¢0.03, or 4.1 per cent, to GH¢0.70 on the exchange of 295,749 shares valued at GH¢207,887.93.
Republic Bank Ghana declined GH¢0.04, or about 1 per cent, to GH¢4, while Ecobank Transnational Incorporated slipped GH¢0.03, or 1.8 per cent, to GH¢1.66.
GCB Bank edged GH¢0.01 lower to GH¢40.04 on turnover of GH¢531,000.37.
The mixed performance among financial stocks indicates that Monday’s MTN-led recovery was not broad-based. Investors continued to differentiate among individual companies rather than lift the market uniformly.
Kasapreko gained GH¢0.02 to close at GH¢1.81, extending the positive momentum recorded since its listing.
The beverage manufacturer traded 156,707 shares valued at GH¢284,370.04. Its closing bid matched the market price at GH¢1.81, while the closing offer stood at GH¢1.90.
The bid-offer position suggests continued demand at the prevailing price, although further gains may depend on whether buyers are prepared to meet sellers closer to the higher offer level.
Enterprise Group recorded 59,019 shares valued at GH¢413,133 without a change in its GH¢7 closing price.
GOIL also closed unchanged at GH¢6.10 after 37,588 shares worth GH¢229,196.80 changed hands.
Access Bank Ghana, Benso Oil Palm Plantation, Dannex Ayrton Starwin, Ecobank Ghana and SIC Insurance recorded turnover ranging from approximately GH¢72,000 to GH¢98,500 but ended the session without price movements.
All three actively traded companies on the Ghana Alternative Market recorded gains.
Hords rose GH¢0.05, or 8.2 per cent, to GH¢0.66 on a volume of 32,302 shares.
Intravenous Infusions gained GH¢0.02, or 3.9 per cent, to GH¢0.53, while Digicut Production and Advertising increased GH¢0.01, or 2.3 per cent, to GH¢0.45.
The three counters generated combined turnover of about GH¢61,759.
Although the gains were strong in percentage terms, their relatively small trading values mean they should be interpreted cautiously. Prices in less-liquid securities can move sharply on modest volumes.
NewGold traded only 35 units valued at GH¢16,183.30 and closed unchanged at GH¢462.38.
Monday’s session produced two contrasting signals.
MTN Ghana’s rebound suggests that Friday’s decline was at least partly transaction-driven rather than the beginning of a sustained repricing of the company. The stock recovered GH¢0.32 of the previous session’s GH¢0.34 loss, although on substantially lower volume.
At the same time, weakness in TotalEnergies, CalBank, ETI and Republic Bank prevented the recovery from becoming broadly based.
Turnover is likely to remain volatile because a small number of highly capitalised companies account for a large share of market activity. A single institutional transaction can dramatically alter the daily value and volume figures without necessarily representing a change in overall investor sentiment.
The immediate test for MTN Ghana will be whether buying demand can hold the stock around GH¢6.54 and absorb the available offer at GH¢6.55.
For TotalEnergies, attention will centre on whether the GH¢35.32 closing price attracts bargain demand or signals a more persistent adjustment.
Monday’s market was therefore less dramatic than the 95 per cent decline in turnover suggests. The fall mainly reflected the absence of Friday’s exceptional MTN block trade.
The more significant development was the partial reversal of MTN Ghana’s previous loss, set against selective weakness in financial and energy stocks. That leaves the market active but divided, with price direction still being determined company by company rather than through a broad shift in sentiment.
