- GSE Value Traded Holds Near GH¢3.5 million Despite Sharp Fall in Share Volume
Trading activity on the Ghana Stock Exchange weakened sharply on October 13, with total volume falling by more than half as investor interest shifted away from the high-volume financial stocks that had dominated the previous session.
A total of 825,536 shares changed hands, down from 1.80 million shares on October 12. This represented a decline of 977,755 shares, or 54.2 percent.
The value of securities traded fell more moderately, declining by 10.8 percent from GH¢3.92 million to GH¢3.50 million.
The divergence between trading volume and value was one of the session’s most important features.
Although fewer than half as many shares were traded, market turnover by value remained relatively resilient because activity was concentrated in higher-priced counters, particularly Guinness Ghana Breweries and MTN Ghana.
The average value per security traded consequently rose from about GH¢2.18 on October 12 to approximately GH¢4.24 on October 13.
This does not mean that market liquidity improved. It indicates that the composition of trading changed significantly.
Lower-priced financial stocks generated much of the previous session’s volume, while October 13 turnover was supported by transactions in more expensive consumer and telecommunications shares.
Market breadth remained negative, with five equities recording price declines against three gainers.
ACCESS Bank Ghana, Enterprise Group and Intravenous Infusions ended higher. Dannex Ayrton Starwin, Ecobank Transnational Incorporated, GOIL, Kasapreko and Digicut Production & Advertising closed lower.
The concentration of trading in two unchanged heavyweight stocks limited the broader implications of the session’s turnover. MTN Ghana and Guinness Ghana generated nearly 70 percent of total market value but ended without price movements.
The result was a market with substantial value passing through it, but relatively limited directional conviction.
MTN Ghana remained the market’s most valuable traded counter, recording 189,764 shares valued at GH¢1.28 million.
The telecommunications company accounted for 36.6 percent of total market value and approximately 23 percent of trading volume.
MTN closed unchanged at GH¢6.75, preserving the 30-pesewa gain recorded in the previous session.
The stock’s stability was important for the broader market because MTN is one of the exchange’s most influential counters. Its large market capitalisation means price movements can materially affect the Composite Index.
The absence of a further gain, however, removed the support it had provided on October 12.
Guinness Ghana Breweries emerged as the second-largest contributor to turnover by value. The brewer recorded 108,736 shares valued at GH¢1.16 million, representing 33.3 percent of the market’s total traded value.
Its share price remained unchanged at GH¢10.70.
Combined, MTN Ghana and Guinness accounted for approximately GH¢2.44 million, or 69.9 percent, of the entire session’s value.
This concentration means the headline turnover figure overstated the breadth of market activity. Excluding the two stocks, all other listed securities collectively generated only about GH¢1.05 million.
The October 13 session therefore depended heavily on transactions in two counters that produced no change in market prices.
Large trades in unchanged stocks provide liquidity to investors but do not necessarily indicate an improvement in sentiment.
The clearest explanation for the decline in total volume was the sharp reversal in Ecobank Transnational Incorporated trading.
ETI recorded 78,165 shares valued at GH¢123,521 on October 13, compared with more than 1.06 million shares valued at GH¢1.70 million in the previous session.
Volume in the stock fell by approximately 92.7 percent, removing nearly 988,000 shares from daily market activity.
ETI had accounted for almost 59 percent of total volume on October 12. Once that exceptional transaction flow disappeared, total market volume returned to a more subdued level.
The stock also lost one pesewa to close at GH¢1.58, representing a decline of 0.63 percent.
The combination of lower volume and a marginal price decline suggests that the previous session’s heavy trading was not followed by sustained buying pressure.
ETI’s closing bid stood at GH¢1.51 against an offer of GH¢1.59, leaving an eight-pesewa spread. That gap could limit immediate trading unless buyers raise their bids or sellers reduce their expectations.
The ETI experience also demonstrates why daily changes in aggregate volume must be interpreted carefully.
A single heavily traded, low-priced stock can transform the market’s volume without indicating a broad increase in participation across listed companies.
GOIL was the largest decliner on the main market in absolute price terms, falling by GH¢0.25 to GH¢5.50.
The 4.35 percent decline followed a similar GH¢0.25 loss on October 12, when the stock fell from GH¢6.00 to GH¢5.75.
Across the two sessions, GOIL has therefore declined by GH¢0.50, or 8.3 percent, from its October 9 closing price.
The stock recorded 27,620 shares valued at GH¢151,974 on October 13, compared with only 2,633 shares worth GH¢15,124 in the previous session.
The tenfold increase in volume accompanying the further price decline indicates stronger selling pressure than was evident on October 12.
GOIL ended with a closing bid of GH¢5.20 and an offer of GH¢5.75. The wide spread points to continued disagreement between buyers and sellers over the company’s near-term valuation.
The stock’s retreat is particularly notable because GOIL had closed at GH¢6.00 as recently as October 9.
Investors will be watching whether demand emerges near the closing bid or whether further sales push the share price closer to GH¢5.20.
ACCESS Bank Ghana was one of three gainers, adding GH¢0.08 to close at GH¢20.75.
The increase represented a gain of approximately 0.39 percent and was supported by 1,471 shares valued at GH¢30,475.
The stock had remained unchanged at GH¢20.67 in the previous session.
Its closing bid stood at GH¢20.67, while the nearest offer remained significantly higher at GH¢22.73. The wide gap suggests limited immediate liquidity despite the price gain.
Enterprise Group also advanced by GH¢0.08, closing at GH¢7.98.
The 1.01 percent gain extended the insurer’s recent upward movement. EGL had increased from GH¢7.70 to GH¢7.90 on October 12 after closing at GH¢7.60 on October 9.
The stock has therefore gained GH¢0.38, or 5 percent, across two trading sessions.
Enterprise recorded 13,531 shares valued at GH¢108,037, improving on the previous session’s volume of 3,276 shares.
Its closing bid of GH¢7.90 and offer of GH¢8.00 left a relatively narrow spread, potentially supporting further trading if buyer interest persists.
The Ghana Alternative Market produced the session’s largest percentage gain and steepest percentage decline.
Intravenous Infusions rose by GH¢0.04 to GH¢0.59, representing an increase of 7.27 percent.
The company recorded 51,258 shares valued at GH¢30,517.
IIL had closed unchanged at GH¢0.55 on October 12 after recovering from GH¢0.51 during the preceding sessions. The latest advance pushed the stock closer to its year high of GH¢0.93, although it remains well below that level.
Digicut moved in the opposite direction, declining by GH¢0.04 to GH¢0.52. The 7.14 percent loss was the sharpest percentage fall across the market.
The decline reversed part of the company’s recent gains. Digicut had closed at GH¢0.56 in the previous session, having risen from GH¢0.52 on October 7.
The stock recorded 40,314 shares valued at GH¢20,893.
The relatively small prices of GAX securities mean modest absolute movements can translate into large percentage changes. Investors should therefore interpret such moves alongside turnover and the availability of bids and offers.
Financial stocks delivered a mixed performance.
ACCESS and Enterprise gained, while ETI and DASPHARMA declined. CAL Bank, Ecobank Ghana, First Atlantic Bank, GCB Bank, Republic Bank, SIC Insurance and Societe Generale Ghana closed unchanged.
CAL was the second-most actively traded stock by volume, recording 165,822 shares valued at GH¢120,835. Its price remained at GH¢0.73.
The stock ended with a closing bid of GH¢0.68 and an offer of GH¢0.75, suggesting that the next transaction could depend on whether sellers accept a lower price or buyers move closer to the offer.
DASPHARMA fell by GH¢0.04, or 3.92 percent, to GH¢0.98. Trading reached 23,068 shares valued at GH¢22,836.
The decline reversed some of the stability seen after the stock fell to GH¢1.02 on October 5. Its closing offer remained at GH¢1.02, while no closing bid was recorded.
Kasapreko also extended its decline, losing GH¢0.03 to close at GH¢1.88.
The beverage manufacturer had fallen by one pesewa to GH¢1.91 in the previous session. It has now declined by GH¢0.04 across two sessions after closing at GH¢1.92 on October 9.
The stock remained actively traded, with 100,889 shares valued at GH¢188,626.
Ordinary-share volume fell from 1.67 million shares to 729,051 shares, a decrease of 56.5 percent.
Ordinary-share turnover by value declined by a much smaller 11 percent, from GH¢3.85 million to GH¢3.42 million.
NewGold contributed an additional GH¢19,420 from 42 units, while GAX securities generated approximately GH¢55,375 in value.
The market’s relative resilience by value was therefore not the result of broad participation. It reflected concentration in MTN Ghana and Guinness Ghana.
The top five stocks by value—MTN Ghana, Guinness Ghana, Kasapreko, GOIL and ETI—accounted for about 83 percent of total turnover.
This concentration remains one of the exchange’s central structural challenges.
A market can record millions of cedis in daily turnover while most listed companies attract little or no trading. On October 13, several main-market counters—including AngloGold Ashanti, Aluworks, Asante Gold, Camelot, Cocoa Processing Company, First Atlantic Bank, Mega African Capital, Standard Chartered Bank Ghana and PBC—recorded no trades.
The October 13 session points to a cautious market after the stronger price movements recorded on October 12.
MTN Ghana, TotalEnergies and SIC Insurance held on to their previous gains but did not extend them. GOIL and Kasapreko continued to fall, while Enterprise maintained its positive momentum.
Near-term market direction will depend heavily on whether buying returns to the large-cap stocks.
MTN’s closing bid matched its GH¢6.75 closing price, with an offer at GH¢6.78. The narrow spread may support continued activity.
Enterprise also ended with a narrow bid-offer range of GH¢7.90 to GH¢8.00, while GCB Bank’s bid and offer were separated by only two pesewas.
By contrast, wide spreads in ACCESS, GOIL, Unilever and some lower-liquidity counters may restrict trading.
The session’s negative breadth shows that the market’s underlying tone was softer than the turnover figure alone suggests.
The fall in volume was largely caused by the disappearance of the previous session’s exceptional ETI activity. But the concentration of value in two unchanged stocks and the continuation of losses in GOIL and Kasapreko show that investors remain selective.
The Ghana Stock Exchange is therefore not experiencing a market-wide sell-off. It is moving through a period of narrow, counter-specific positioning in which a few stocks determine liquidity while price direction remains fragmented.
