- ZEN Petroleum, KASA Drag Market Mood as GSE Composite Index Activity Slows
Trading activity on the Ghana Stock Exchange slowed sharply on Wednesday, July 22, 2026, with total value traded falling to GH¢5.81 million from GH¢19.35 million in the previous session, even as Scancom PLC, MTNGH, advanced to GH¢6.80 and emerged as the day’s biggest contributor by value.
According to Official List 7258 for the trading session, investors exchanged 1,689,558 shares valued at GH¢5,806,638.62. This compares with 3,833,274 shares worth GH¢19,348,279.00 recorded in the previous session, representing a 55.92% decline in volume and a 69.99% fall in value traded.
The weaker turnover suggests that the previous session’s strong activity was not sustained, with market liquidity returning to more modest levels. But the trading pattern still showed pockets of strong investor interest, particularly in MTNGH, Kasapreko PLC and selected counters on both the main market and the Ghana Alternative Market.
MTNGH was the dominant stock by value traded, accounting for GH¢1.98 million, or 34.17% of total market turnover. The telecoms stock traded 291,825 shares and gained GH¢0.11 to close at GH¢6.80, from a previous closing price of GH¢6.69. That represented a 1.64% rise and placed the stock at its year high of GH¢6.80.
The performance of MTNGH was important because it helped cushion the broader market from the effect of declining activity and losses in some actively traded counters. With its market depth, broad investor following and steady liquidity, MTNGH continues to serve as one of the key sentiment drivers on the local bourse.
Kasapreko PLC, KASA, led the market by volume, with 693,864 shares traded, representing 41.07% of total market volume. However, the stock declined by GH¢0.07 to close at GH¢2.06, from GH¢2.13, representing a 3.29% loss. KASA still recorded the second-highest value traded at GH¢1.43 million, equivalent to 24.68% of total turnover.
The contrast between KASA’s strong volume and weaker price performance points to a market still actively repositioning around the newly listed consumer goods stock. Its trading activity remains substantial, but the price decline suggests some investors may be taking profit or reassessing short-term valuation after recent gains.
Together, MTNGH and KASA accounted for GH¢3.42 million, or 58.85% of total market value traded. This shows that market activity was heavily concentrated in two counters, even though several other equities changed hands during the session.
Guinness Ghana Breweries PLC followed with GH¢486,173.80 in value traded from 40,684 shares, closing unchanged at GH¢11.95. Clydestone Ghana PLC recorded GH¢464,765.96 in turnover from 105,941 shares and gained GH¢0.14 to close at GH¢4.39. GCB Bank PLC also posted GH¢421,027.88 in value traded from 9,844 shares, closing unchanged at GH¢42.77.
The top five stocks by value MTNGH, KASA, GGBL, CLYD and GCB accounted for GH¢4.79 million, representing 82.47% of total turnover. This concentration reinforces the narrow nature of trading activity on the day, with a limited number of counters driving most of the market’s value.
Market breadth was mixed but slightly positive in terms of advancers. Four equities recorded price gains, while three declined. Hords PLC led gainers, rising by GH¢0.03 from GH¢0.19 to GH¢0.22, a gain of 15.79%. Intravenous Infusions PLC followed with a 10.00% increase, closing at GH¢0.55 from GH¢0.50.
Clydestone gained 3.29%, closing at GH¢4.39, while MTNGH rose 1.64% to close at GH¢6.80. Notably, Hords, Intravenous Infusions, Clydestone and MTNGH all closed at their respective year highs, suggesting that selective investor appetite remains intact despite the overall drop in market turnover.
On the declining side, ZEN Petroleum Holdings PLC was the day’s steepest loser, falling by GH¢1.00 to close at GH¢10.00 from GH¢11.00. That represented a 9.09% decline. Kasapreko lost 3.29%, while Benso Palm Plantation PLC slipped marginally by GH¢0.01 to close at GH¢79.99.
The decline in ZEN Petroleum was notable because of the scale of the price change, although trading activity in the stock was modest, with 854 shares valued at GH¢8,632.00 changing hands. The movement nevertheless adds to the day’s mixed tone, where gains in MTNGH and selected smaller counters were offset by losses in KASA and ZEN.
Ordinary shares dominated the session, with 1,559,284 shares traded for GH¢5.76 million, representing 99.13% of total market value. The Ghana Alternative Market recorded 130,234 shares worth GH¢32,141.14, while the exchange traded fund segment saw 40 units of NewGold trade for GH¢18,495.60.
On the GAX, Hords and Intravenous Infusions provided the strongest price movements. Meridian Marshalls Holding Company traded 40,000 shares worth GH¢4,400.00, while Digicut Production and Advertising PLC traded 45,418 shares valued at GH¢4,087.62. Samba Foods PLC recorded no trades.
The NewGold ETF remained unchanged at GH¢462.39, with 40 units traded. Its modest activity provided only 0.32% of total market value, but it remains a useful indicator of investor exposure to gold-linked instruments on the exchange.
The session’s broader message is that the market remains active but selective. Investors are still willing to take positions in liquid and high-profile counters such as MTNGH and KASA, while smaller counters continue to record sharp percentage movements on relatively limited volumes.
The sharp fall in turnover also shows that the GSE’s recent liquidity momentum remains uneven. A strong trading session can be followed by a quieter one, particularly when activity is concentrated in a few counters and institutional flows are irregular.
For now, MTNGH remains one of the market’s strongest anchors, closing at a new year high and leading value traded. KASA remains the volume leader but came under price pressure. ZEN Petroleum’s decline added a cautionary note, while gains in Hords, Intravenous Infusions and Clydestone showed that smaller counters continue to attract speculative and selective interest.
Wednesday’s session therefore reflected a market that is not weak, but thinner than the previous day. The direction of the coming sessions will depend on whether liquidity returns to the large-cap names and whether KASA stabilises after its latest pullback.
