- Six Stocks Generate More than 91% Of GSE Value Traded
The Ghana Stock Exchange opened the week with a sharp fall in the number of shares traded but only a modest decline in transaction value, as Scancom PLC, operator of MTN Ghana, dominated activity.
A total of 1.43 million shares changed hands on Monday, November 9, compared with 2.93 million on Friday. That was a 51.34% drop in volume. Yet total value traded edged down by just 1.93%, from GH¢6.32 million to GH¢6.19 million.
The gap between those two movements reflects the concentration of trading in a few higher-value counters.
MTNGH alone recorded GH¢3.91 million in turnover, or approximately 63.10% of the market’s total value. Its 594,596 shares represented about 41.72% of all shares traded.
MTNGH activity also rose sharply compared with Friday. The company traded 179,930 shares worth GH¢1.18 million in the previous session. On Monday, its share volume was more than three times higher, while its value traded rose to GH¢3.91 million. The share price, however, remained unchanged at GH¢6.58.
That combination makes the session’s headline less about a broad rise in share prices than about a surge in trading activity in one large counter.
MTNGH’s unchanged closing price suggests the heavier turnover did not translate into a higher VWAP close on the day.
The figures do not reveal whether the activity came from a small number of large transactions or many smaller trades.
Six companies generated more than 91% of the market’s traded value. After MTNGH, TotalEnergies Marketing Ghana recorded GH¢545,511, GCB Bank GH¢359,149, Enterprise Group GH¢330,804, Kasapreko GH¢263,534 and CalBank GH¢247,481. Together, these six counters accounted for about GH¢5.66 million of the GH¢6.19 million total.
CalBank had the second-highest share volume, with 332,996 shares traded, but its value was GH¢247,481. That contrast with MTNGH shows how volume alone can give a misleading impression of market weight.
A large number of shares changing hands in a lower-priced stock may contribute less to total turnover than fewer shares traded in a higher-priced counter.
Price movements across ordinary shares were mixed. Four stocks advanced, five declined and most counters recorded no change.
Cocoa Processing Company had the strongest percentage gain, rising GH¢0.04, or 8.16%, to GH¢0.53. Dannex Ayrton Starwin Pharmaceuticals gained GH¢0.08, or 7.69%, to GH¢1.12.
Ecobank Transnational Incorporated rose 1.44% to GH¢1.41, while Kasapreko added 1.12% to GH¢1.80. These gains were recorded across different sectors, but their combined effect was limited by declines elsewhere and the unchanged prices of most listed equities.
Clydestone recorded the steepest percentage decline among ordinary shares, falling GH¢0.26, or 6.75%, to GH¢3.59. SIC Insurance dropped GH¢0.28, or 6.02%, to GH¢4.37. CalBank fell 1.33% to GH¢0.74, while GCB Bank declined 0.64% to GH¢41.73 and Société Générale Ghana slipped 0.43% to GH¢4.63.
The GAX also recorded a decline, with Hords easing 1.33% to GH¢0.74. Intravenous Infusions and Digicut Production and Advertising held steady at GH¢0.56 and GH¢0.35 respectively. Samba Foods and Meridian Marshalls recorded no trading.
The session’s breadth therefore offers a more cautious picture than the headline turnover in MTNGH alone. There were four gainers against five decliners among ordinary shares, while most equities were unchanged.
The list does not provide the GSE Composite Index or the Financial Stocks Index, so it does not establish whether the market’s benchmark indices rose or fell.
The trading value in the top six counters also highlights how concentrated activity was. If turnover remains dependent on a small group of stocks, the market’s daily value can shift considerably when activity in one or two large counters changes. Monday’s figures show that clearly: MTNGH’s trading alone represented close to two-thirds of total value.
For investors, the next session will show whether Monday’s activity in MTNGH was a one-day burst or the start of sustained trading interest.
It will also be worth watching whether the gains in CPC and DASPHARMA attract follow-through, and whether the declines in Clydestone and SIC persist.
The day’s data do not point to a uniform market direction. Share volume fell by more than half, but turnover value was nearly maintained because trading was concentrated in counters with larger cedi values. Price gains and losses were also closely balanced.
That distinction matters when interpreting a daily market report. High turnover can signal active participation, but it does not necessarily mean prices are rising or that activity is spread across the market.
On Monday, the clearest signal was concentration: MTNGH drove the value traded, while the broader price picture remained mixed.
