GSE rebounds slightly as MTN Ghana, Atlantic Lithium lead Monday trading

The Ghana Stock Exchange (GSE) staged a modest recovery on Monday, May 11, 2026, following a bruising week that had seen the market shed GH¢12.5 billion in capitalisation, as bargain hunters moved in to pick up beaten-down shares.

The GSE Composite Index closed at 14,616.05 points, a gain of 48.48 points from Friday's close of 14,567.57. The index had tumbled 546 points or 3.6 per cent over the five trading sessions ended 8th May, erasing some of the stellar gains made in the first quarter of the year.

Market capitalisation inched up to GH¢268,510.45 million from Friday's GH¢268,910 million, reflecting cautious optimism after a week of relentless selling. Total volume traded on the day stood at 984,438 shares, with a total value of GH¢4,015,848.85.

MTN Ghana leads the recovery

MTN Ghana, which had shed GH¢0.24 last week to close at GH¢6.53, rebounded strongly on Monday, rising 11 pesewas to GH¢6.64. The telecommunications giant was the most actively traded stock of the session, with 304,611 shares changing hands, accounting for nearly one-third of total volume. The total value of MTN trades amounted to GH¢2,021,646.03.

The stock had been a major driver of last week's losses, with more than 2.47 million shares traded on Friday alone as investors rushed for the exits. Monday's rebound suggests some of that selling pressure may have abated.

Atlantic Lithium surges

Atlantic Lithium Limited was the standout performer of the session, climbing from a previous closing price of GH¢7.80 to GH¢8.46 — a gain of 66 pesewas per share. The stock saw active trading, with 40,123 shares changing hands at a total value of GH¢339,359.20.

ZEN Petroleum continues winning streak

ZEN Petroleum Holdings, which had surged GH¢0.66 last Friday to close at GH¢7.36, added another 11 pesewas to close at GH¢7.47. The oil marketing company has now gained nearly 11 per cent over two trading sessions, bucking the broader market weakness. A total of 27,955 shares were traded at a value of GH¢208,853.85.

Banking stocks mixed

Cal Bank, which had fallen GH¢0.07 last Friday to close at GH¢0.81, saw heavy trading on Monday with 178,529 shares changing hands. The stock closed unchanged at GH¢0.81 but traded between GH¢0.79 and GH¢0.81 during the session.

GCB Bank held steady at GH¢40.00 on volume of 3,466 shares, offering stability after last week's turbulence. Ecobank Transnational Incorporated, however, continued its slide, falling from GH¢1.60 to GH¢1.51 — a loss of 9 pesewas — with 251,483 shares traded.

Other movers

Total Petroleum Ghana dropped sharply, falling from GH¢36.49 to GH¢34.89 — a loss of GH¢1.60 per share — on volume of 6,437 shares valued at GH¢224,599.49. Republic Bank edged lower from GH¢5.53 to GH¢5.50, while SIC Insurance fell from GH¢6.01 to GH¢5.98.

GOIL slipped marginally from GH¢7.96 to GH¢7.95, while Access Bank, ADB, and Societe Generale Ghana all closed flat on thin volumes.

On the Ghana Alternative Market, Hords Plc recorded unusual trading activity with 106,724 shares changing hands — by far the highest volume on the GAX. The stock closed unchanged at GH¢0.10, with trades valued at GH¢10,672.40. Meridian Marshalls Holding Company also saw a single share trade at GH¢0.10.

Of the actively traded stocks, gainers included MTN Ghana, Atlantic Lithium, Zen Petroleum, and Fan Milk, which added 6719 shares at GH¢13.93. Decliners included ETI, Total Petroleum, Republic Bank, SIC Insurance, and GOIL.

The Exchange reported no trading in several major names including Ecobank Ghana, AngloGold Ashanti, and Fan Milk, among others.

Last week's selloff had erased some of the gains made in the first quarter of 2026, raising questions about the sustainability of the two-year rally that had carried the GSE Composite Index to record highs. The index had surged 79 per cent in 2025, driven by robust corporate earnings, falling interest rates, and renewed investor confidence in the Ghanaian economy.

Traders had pointed to profit-taking after the extraordinary rally, combined with investor interest in the recently announced Kasapreko IPO, as factors contributing to the rotation out of established names.

Monday's modest recovery, led by MTN Ghana and Atlantic Lithium, suggests that bargain hunters are beginning to step in, but whether the rebound can be sustained remains to be seen. The market will be watching closely for further trading updates as the week progresses.