- SIC, Kasapreko and CAL Lead Gains as GSE Turnover Surges Above GH¢31m
Trading activity on the Ghana Stock Exchange rebounded sharply on October 9, driven overwhelmingly by transactions in MTN Ghana, while improving market breadth suggested that selective buying was returning after the mixed performance of the previous session.
Total market turnover rose to GH¢31.89m from GH¢6.86m on October 8, representing an increase of GH¢25.03m, or approximately 365%.
The volume of securities traded increased by 228% to 5.38m from 1.64m shares. The value of trading grew faster than volume because activity was concentrated in MTN Ghana and several relatively higher-priced equities.
The surge in turnover, however, did not reflect broad liquidity across the market. MTN Ghana alone accounted for 4.43m shares valued at GH¢28.62m.
This represented 82.4% of total market volume and 89.8% of traded value, making the October 9 session heavily dependent on a single counter.
Excluding MTN Ghana, turnover across equities, depositary shares, exchange-traded funds and the Ghana Alternative Market amounted to only about GH¢3.27m.
The figures therefore present two different pictures. At the headline level, market liquidity strengthened substantially. Beneath that figure, trading remained narrow and dominated by what appears to have been a sizeable institutional transaction in MTN Ghana.
Price performance was more positive than on October 8, with six gainers against two decliners.
The preceding session had produced six gainers and seven decliners, indicating that selling was more broadly distributed despite a rise in the GSE Composite Index.
SIC Insurance led the October 9 gainers, rising by GH¢0.32, or 6.65%, from GH¢4.81 to GH¢5.13. The advance recovered the GH¢0.23 loss recorded on October 8 and lifted the stock above its October 7 closing price of GH¢5.04.
Kasapreko gained GH¢0.10, or 5.49%, to close at GH¢1.92. The increase more than reversed its six-pesewa decline in the previous session, when the stock closed at GH¢1.82.
CAL Bank advanced 4.29% from GH¢0.70 to GH¢0.73, recovering most of the four-pesewa decline suffered on October 8. The stock nevertheless remained one pesewa below its October 7 closing price.
Enterprise Group extended its gains, rising by another GH¢0.10 to GH¢7.70 after advancing GH¢0.25 in the previous session. Across the two sessions, the insurer gained GH¢0.35, or 4.76%.
On the Ghana Alternative Market, Intravenous Infusions increased by GH¢0.04, or 7.84%, to GH¢0.55, reversing the three-pesewa decline recorded on October 8.
Digicut also extended its advance, adding one pesewa to close at GH¢0.56 after gaining three pesewas in the preceding session. Its new closing price also marked a fresh year-high.
Ecobank Transnational Incorporated remained under selling pressure, declining by one pesewa to GH¢1.54.
The stock had fallen by GH¢0.13, or 7.74%, on October 8. Its further decline brought its cumulative two-session loss to GH¢0.14, equivalent to 8.33% of its October 7 closing price of GH¢1.68.
First Atlantic Bank recorded the session’s steepest percentage decline, falling by GH¢0.40, or 4.76%, to GH¢8.00. Trading in the stock was limited to 1,380 shares valued at GH¢11,040, suggesting that the price decline occurred on relatively thin volume.
Several stocks that influenced the October 8 session held their prices unchanged.
GOIL remained at GH¢6.00 after gaining 6.76% in the preceding session, while GCB Bank was unchanged at GH¢40.18 after rising by GH¢0.42.
MTN Ghana closed flat at GH¢6.45 despite dominating trading activity. The stock had advanced by GH¢0.15 on October 8 after falling sharply a day earlier.
Unilever Ghana also held at GH¢39.50 following its GH¢0.50 decline in the previous session, while Societe Generale Ghana remained unchanged at GH¢5.10.
Beyond MTN Ghana, Fan Milk generated GH¢985,308 from 70,379 shares, making it the second-largest contributor to traded value.
Benso Oil Palm Plantation followed with GH¢504,075, while GOIL recorded GH¢387,469. CAL Bank generated GH¢304,985 from 416,756 shares, the second-highest equity volume behind MTN Ghana.
Even these relatively active counters were small compared with MTN Ghana’s GH¢28.62m contribution.
The concentration highlights a continuing structural feature of the Ghanaian equities market: daily turnover can increase substantially when a large transaction occurs in one liquid stock, without producing a comparable improvement across the wider market.
MTN Ghana’s flat closing price also suggests that the large volume was absorbed without materially changing its market valuation. This may indicate a negotiated or carefully matched transaction rather than aggressive buying through progressively higher offers.
The October 8 session was characterised by mixed price performance and modest turnover of GH¢6.86m. GOIL, Enterprise Group, GCB Bank and MTN Ghana supported the broader market, but seven declining counters kept market breadth negative.
On October 9, turnover strengthened, the number of decliners fell to two and several stocks recovered earlier losses. SIC, Kasapreko, CAL Bank and Intravenous Infusions all rebounded after declining in the previous session.
The recovery signals greater selectivity among buyers rather than a market-wide rally. Most listed equities remained unchanged, and almost 90% of traded value was concentrated in MTN Ghana.
The next sessions will show whether the improved breadth can be sustained after the MTN Ghana block transaction falls out of the daily figures.
A stronger underlying market would require trading activity to spread across banking, insurance, consumer and industrial stocks, accompanied by repeated gains on meaningful volumes.
For now, the October 9 session represents a significant rebound in liquidity and a clear improvement in market breadth but not yet evidence of a broadly based acceleration across the Ghana Stock Exchange.
