MTN drives GSE turnover surge • Strong volumes in telecoms and banking stocks mask weak broader market participation
Liquidity, rather than breadth, continues to define trading on the Ghana Stock Exchange — and the April 16 session offered a clear illustration of that structural imbalance.
Total market turnover came in at GH¢7.11mn on a volume of 1.44mn shares, a headline figure that suggests a reasonably active market.
Yet beneath that surface, activity was heavily concentrated in a narrow band of liquid counters, reinforcing a long-standing pattern in which a handful of stocks account for the bulk of trading value while the wider market remains thin.
At the centre of this concentration was MTN Ghana, which once again dominated the session both in volume and value terms.
A total of 783,998 shares changed hands in the telecoms group, generating GH¢4.65mn in turnover — more than half of the market’s total traded value.
The stock also strengthened by GH¢0.14 to close at GH¢5.93, extending its position not just as the exchange’s most actively traded equity but as its primary liquidity anchor.
MTN’s outsized role reflects a broader investor preference for scale, visibility and earnings stability in an otherwise shallow market.
For institutional and retail participants alike, the stock offers a rare combination of tradability and relative predictability, effectively setting the tone for overall market sentiment on most trading days.
Banking stocks
Financial stocks formed the second pillar of activity, with banking names continuing to attract steady flows.
Société Générale Ghana recorded 152,526 shares traded, translating into turnover of GH¢813,160.82, and edged up marginally by GH¢0.01 to close at GH¢5.33.
CAL Bank was among the most active by volume, with 432,081 shares traded worth GH¢339,261.75, closing firmer at GH¢0.79, up GH¢0.02.
GCB Bank, one of the exchange’s largest financial institutions, delivered a more price-driven contribution to the session.
The stock rose sharply by GH¢2.07 to close at GH¢28.89, although this move was supported by a relatively modest volume of 6,500 shares, suggesting that price gains were driven more by limited supply than broad-based demand.
Taken together, MTN Ghana and the trio of banking stocks accounted for the overwhelming majority of traded value, highlighting the extent to which liquidity on the exchange is concentrated in a small cluster of names.
Outside this core group, the session revealed pockets of weakness that further underline the uneven nature of market participation.
Access Bank Ghana recorded one of the sharpest declines, falling GH¢3.78 to close at GH¢34.03, while Benso Palm Plantation shed GH¢10.00 to end the day at GH¢90.00, making it the steepest price loser of the session.
Other decliners included Enterprise Group, which slipped GH¢0.05 to GH¢11.34, and Republic Bank Ghana, down GH¢0.03 to GH¢4.43.
These losses, though relatively contained in value terms, reflect the fragility of price support in counters that lack consistent trading depth.
Scale and breadth
On the upside, gains were present but limited in both scale and breadth. Clydestone Ghana stood out with a GH¢0.12 increase to GH¢1.44, while Ecobank Transnational rose by GH¢0.04 to close at GH¢1.92. SIC Insurance Company also posted a modest gain of GH¢0.02 to GH¢4.14, contributing to what remained a relatively short list of advancing equities.
Beyond the main equity board, activity in alternative instruments was similarly subdued. The NewGold ETF recorded 897 units traded, with a total value of GH¢451,011.50, and closed marginally higher at GH¢502.80.
Meanwhile, the Ghana Alternative Market (GAX) saw no trades executed, extending a pattern of dormancy that continues to limit its role as a meaningful platform for smaller or growth-oriented companies.
The structure of the session points to a deeper, structural reality within Ghana’s capital markets.
While headline turnover figures may at times appear robust, they are sustained by a narrow base of highly liquid equities — most notably in the telecoms and banking sectors.
This concentration creates a dual dynamic: it ensures that investors can access liquidity in a select group of stocks, but it also exposes the market to concentration risk and limits opportunities for diversification.
For the GSE, the challenge remains one of depth rather than activity. Expanding participation beyond a handful of dominant names, improving liquidity across mid-tier counters, and revitalising segments such as the GAX will be critical to building a more balanced and resilient market.
Until then, trading sessions like April 16 are likely to remain the norm — solid in aggregate terms, but narrow in composition, with market momentum continuing to hinge on a small circle of influential stocks.