- Trading Activity Surges on GSE, Yet Liquidity Remains Concentrated in a Few Counters
Trading activity on the Ghana Stock Exchange surged on October 14, but the improvement was overwhelmingly driven by Kasapreko PLC, exposing the difference between higher headline turnover and genuinely broad market liquidity.
The exchange recorded total volume of 6.63 million shares valued at GH¢13.23 million, compared with 825,536 shares worth GH¢3.50 million during the October 13 session.
That represents a 702.8 per cent increase in volume and a 278.4 per cent rise in value within one trading day. On the surface, the figures suggest a sharp strengthening in investor participation. Beneath them, however, activity remained highly concentrated.
Kasapreko accounted for 5.90 million shares, equivalent to about 89 per cent of total market volume. Its turnover of GH¢10.86 million represented approximately 82 per cent of the session’s total value.
Without that transaction, the market would have recorded only about 729,000 shares valued at roughly GH¢2.37 million, leaving underlying activity below the already modest level seen on October 13.
Kasapreko’s dominance therefore changes the interpretation of the session. The October 14 figures do not necessarily indicate that investors returned broadly to Ghanaian equities. They show that liquidity can expand dramatically when a large transaction occurs in a single counter.
The beverage producer closed 4 pesewas lower at GH¢1.84 after opening at GH¢1.88. Its last transaction price was GH¢1.85, indicating that the volume was executed while the share remained under selling pressure.
This contrasts with October 13, when Kasapreko traded 100,889 shares valued at GH¢188,626 and declined by 3 pesewas to GH¢1.88. One day later, its volume increased more than fiftyfold, while its price extended its retreat.
The combination of exceptional volume and a falling closing price suggests that available supply outweighed demand at the previous valuation. It may also reflect a negotiated or institutional transaction rather than a broad change in retail sentiment.
Market breadth remained negative. Five securities declined, against four gainers, while most listed counters closed unchanged or did not trade. That was little improvement from October 13, when five securities fell and three advanced.
Enterprise Group was the strongest ordinary-share gainer, rising 37 pesewas, or 4.64 per cent, from GH¢7.98 to GH¢8.35. The company traded 3,906 shares valued at GH¢32,530.
The increase extended Enterprise Group’s recent upward movement after the share gained 8 pesewas during the preceding session. Its two-day advance suggests sustained buying interest, although the limited turnover means the price movement should be interpreted cautiously.
GCB Bank increased by 2 pesewas to GH¢40.20 on 7,270 shares valued at GH¢292,215. The stock had closed unchanged at GH¢40.18 on October 13, making the latest appreciation modest but supported by a larger transaction value.
MTN Ghana added 3 pesewas to GH¢6.78 after trading 167,700 shares worth GH¢1.14 million. The telecommunications stock was the second-largest contributor to ordinary-share turnover by value, but its activity remained below the GH¢1.28 million recorded during the previous session.
Intravenous Infusions led gains on the Ghana Alternative Market, increasing by 1 pesewa to GH¢0.60. Its 98,019 shares valued at GH¢59,286 represented the most significant activity on the alternative market.
On the losing side, SIC Insurance recorded the steepest absolute decline, falling 26 pesewas from GH¢5.28 to GH¢5.02. The stock traded 15,345 shares valued at GH¢76,956.
The fall erased part of SIC’s recent recovery and highlighted continued volatility in a counter that has moved sharply across several sessions. Its closing bid of GH¢5.00 and offer of GH¢5.30 also revealed a relatively wide spread, suggesting disagreement between buyers and sellers over fair value.
Ecobank Transnational Incorporated lost 6 pesewas to close at GH¢1.52 after 72,768 shares changed hands for GH¢111,188. The stock had declined by only 1 pesewa on October 13, meaning selling pressure intensified during the latest session.
Dannex Ayrton Starwin slipped by 1 pesewa to GH¢0.97 despite its final transaction occurring at GH¢0.92. Its volume rose sharply to 146,408 shares from 23,068 previously, placing the pharmaceutical company among the most actively traded counters outside Kasapreko and MTN Ghana.
Digicut Production and Advertising fell by 2 pesewas to GH¢0.50 on the alternative market. The decline followed a 4-pesewa loss during the October 13 session, extending its two-day fall to 6 pesewas.
Several heavily capitalised counters remained unchanged. Ecobank Ghana closed at GH¢39, Standard Chartered Ghana at GH¢69.87, TotalEnergies Marketing Ghana at GH¢42 and Unilever Ghana at GH¢39.50.
The absence of price movement in these counters, combined with limited or zero trading in several listings, demonstrates the liquidity challenge confronting the exchange. A market can contain valuable companies without consistently producing enough transactions to establish reliable daily price discovery.
Main-board shares accounted for 6.45 million shares worth GH¢13.12 million, compared with 729,051 shares valued at GH¢3.42 million on October 13. However, once Kasapreko is excluded, the expansion disappears.
The alternative market contributed 175,773 shares worth approximately GH¢108,525, led by Intravenous Infusions, Digicut and Hords. NewGold recorded only one unit valued at GH¢462.37, while no AngloGold Ashanti depositary shares changed hands.
For investors, the October 14 session offers two competing signals. The market demonstrated its capacity to absorb a transaction exceeding GH¢10 million in one listed company, an encouraging indication for institutions seeking to execute larger positions.
At the same time, nearly nine out of every 10 shares traded came from that company, leaving most counters thinly traded. Such concentration can make headline turnover appear healthier than the market’s underlying depth.
The next sessions will determine whether Kasapreko’s activity represents the beginning of sustained institutional interest or a single large transaction. Investors will also watch whether Enterprise Group can extend its rally and whether selling pressure in SIC, ETI and Digicut persists.
October 14 was therefore a stronger session in activity, but not necessarily in breadth. The GSE produced a dramatic turnover increase, yet its dependence on one counter shows that Ghana’s equity market still needs a wider distribution of liquidity to convert occasional large trades into durable investor participation.
This distinction matters because market liquidity is not measured only by the amount traded but by how consistently investors can buy and sell securities across different sectors and sizes.
