- Six Stocks Gain as MTN Ghana Accounts For 94% Of Market Turnover
Trading on the Ghana Stock Exchange surged on October 15 as a transaction in MTN Ghana lifted market turnover above GH¢43 million, although the telecommunications company’s declining share price complicated what otherwise appeared to be a positive session.
The official list showed 6.87 million securities changing hands for GH¢43.87 million, compared with 6.63 million securities valued at GH¢13.23 million on October 14. Volume consequently increased by 3.66 per cent, while turnover jumped by 231.53 per cent.
That divergence is important. The increase in value was far greater than the rise in volume, indicating that the day’s activity was shaped less by a broad increase in transactions across the market than by concentrated trading in a relatively valuable counter.
MTN Ghana provided that concentration. Investors traded 6.34 million MTNGH shares worth GH¢41.28 million, representing 92.23 per cent of total market volume and 94.1 per cent of turnover.
Without MTNGH, the session would have produced turnover of only about GH¢2.59 million. The headline liquidity was therefore real, but exceptionally narrow.
The concentration also contrasted with the previous session, when Kasapreko dominated activity with almost 5.90 million shares worth GH¢10.86 million. The shift from a beverage producer to the exchange’s largest telecommunications stock demonstrates how individual block transactions can dramatically alter daily market statistics without necessarily reflecting a market-wide change in investor confidence.
MTNGH closed at GH¢6.51, down GH¢0.27 from GH¢6.78, translating into a 3.98 per cent decline. Its last transaction price matched the closing volume-weighted average price, while the closing bid stood at GH¢6.75 and the offer at GH¢6.85.
For investors, the more important point is that a single heavily weighted stock combined extraordinary turnover with a notable price decline. The transaction delivered liquidity, but it also created downward pressure capable of offsetting gains elsewhere.
First Atlantic Bank and Intravenous Infusions recorded the strongest percentage gains, each rising 5 per cent. FAB climbed from GH¢8.00 to GH¢8.40 on 5,850 shares, while IIL advanced from GH¢0.60 to GH¢0.63 on 27,033 shares.
Enterprise Group gained 4.07 per cent to GH¢8.69, extending the upward movement that took it from GH¢7.98 to GH¢8.35 during the previous session. The insurer traded 7,818 shares valued at GH¢67,662.
Kasapreko recovered 3.8 per cent to GH¢1.91 after slipping to GH¢1.84 on October 14. However, its volume fell sharply to 54,777 shares from nearly 5.90 million, confirming that the previous day’s exceptional activity was transaction-specific rather than a stable daily trading pattern.
Ecobank Ghana rose 2.56 per cent to GH¢40.00, supported by 30,629 shares worth GH¢1.23 million. It became the second-largest contributor to turnover, although its value remained a fraction of MTNGH’s total.
Ecobank Transnational Incorporated added 1.97 per cent to GH¢1.55, completing a relatively strong showing by financial stocks. ETI traded 93,297 shares valued at GH¢144,541.
The gains in EGH, ETI, FAB and EGL point to renewed buying interest across banking and financial-services counters. Yet the amounts traded outside EGH remained modest, making it difficult to describe the movement as a decisive sector-wide revaluation.
Benso Oil Palm Plantation was the session’s steepest decliner, falling GH¢5.00, or 6.67 per cent, to GH¢70.00. Only 715 shares changed hands, suggesting that limited liquidity amplified the price effect. The closing offer remained at GH¢75.00, with no displayed closing bid.
The movement illustrates a recurring feature of relatively shallow markets: a small number of transactions can produce substantial percentage changes, particularly in high-priced shares with limited available orders. BOPP’s decline should consequently be interpreted alongside its low volume rather than as conclusive evidence of widespread selling.
SIC Insurance eased 0.2 per cent from GH¢5.02 to GH¢5.01 on 10,970 shares. Digicut Production and Advertising declined 2 per cent from GH¢0.50 to GH¢0.49, continuing the weakness recorded on October 14, when it fell from GH¢0.52 to GH¢0.50.
Ordinary shares accounted for 6.82 million units valued at GH¢43.84 million. Compared with October 14, ordinary-share volume increased by 5.76 per cent, while its value rose by 234.07 per cent.
Trading outside the main market remained limited. NewGold recorded a single unit worth GH¢462.37, while activity on the Ghana Alternative Market was concentrated in IIL, Digicut and Hords. Depositary and preference shares contributed no meaningful turnover.
The session therefore presented two competing narratives. On one side, positive breadth and gains across several financial counters suggested selective demand. On the other, MTNGH and BOPP declines placed pressure on two significant stocks, while liquidity remained overwhelmingly dependent on one transaction.
The October 15 figures should not be read as evidence that liquidity has strengthened uniformly across the exchange. More than two dozen ordinary shares either recorded no price movement or attracted minimal trading, and several counters had no transactions at all.
A healthier market would combine rising turnover with wider participation, deeper order books and sustained activity across sectors. Concentrated block trades can improve daily statistics and allow institutions to reposition, but they do not necessarily solve the structural liquidity constraints confronting smaller listed companies.
Attention will now turn to whether demand in financial stocks continues and whether MTNGH stabilises after absorbing the large transaction. Its closing bid above the traded price may provide support, although the next session will reveal whether that interest converts into completed trades.
For now, October 15 will be remembered as a high-value but highly concentrated session: turnover more than tripled, six stocks advanced, and banking counters strengthened, yet almost the entire market depended on MTN Ghana. The exchange was busier in monetary terms, but not necessarily broader or deeper.
