The Ghana Stock Exchange (GSE) closed last week on a bearish note as market capitalization fell by about GH¢1.2 billion, despite strong midweek activity led by MTN Ghana and other heavyweights. The market experienced a volatile trading pattern, with gains in some large-cap counters failing to fully cushion declines across banking stocks and the gold-backed exchange-traded fund, GLD.
Market Performance and Weekly Trend
The GSE Composite Index (GSE-CI) opened the week at 7,416.03 points but slipped to 7,346.69 points by close of Friday, representing a 0.93 percent decline. This movement reflected the struggles of the broader market, which, despite flashes of resilience, could not shake off the impact of midweek sell-offs. Market capitalization, which had stood at GH¢151.12 billion on Monday, ended the week at GH¢149.90 billion.
Trading patterns told a story of two halves: a relatively quiet start on Monday and Tuesday, followed by a sharp surge in volumes on Wednesday and Thursday, before activity cooled on Friday. Wednesday was particularly notable as a heavy sell-off dragged the index down by more than 112 points, wiping off close to GH¢1.6 billion in market value. Thursday’s session, however, saw a strong rebound, led by bargain-hunting in MTN and GOIL, though the recovery could not fully offset earlier losses.
Volume, Value and Indices
In terms of activity, trading volumes reached their peak on Thursday with over 8 million shares changing hands, translating into a market value of GH¢31.22 million, the highest for the week. This was almost entirely driven by MTN Ghana, which alone accounted for more than 99 percent of the day’s volume and value. The lowest activity was recorded on Monday, with just 421,632 shares valued at GH¢1.07 million.
By the end of the week, total traded volume exceeded 13 million shares, with turnover surpassing GH¢47 million. Despite this strong liquidity, the dip in the GSE-CI highlighted that much of the trading pressure leaned towards the sell side, particularly among financial stocks and the GLD ETF.
Price Movements and Market Movers
The week’s trading action produced a mix of gainers and losers across different sectors. MTN Ghana emerged as the star performer, climbing 28.8 percent from GH¢3.02 on Monday to GH¢3.89 by Friday. GOIL was another standout, posting consistent daily gains to close at GH¢2.26, while GCB Bank rebounded strongly on Friday, adding 24 pesewas to finish at GH¢9.85. Smaller counters like Enterprise Group, Benso Oil Palm Plantation (BOPP), and Clydestone also recorded modest price appreciations.
On the downside, Ecobank Transnational Inc. (ETI) lost 2.5 percent to settle at GH¢0.78, weighed down by investor caution. CAL Bank shed 2 percent, while Republic Bank (RBGH) edged down slightly to GH¢1.09. The GLD ETF mirrored global gold price weakness, dropping 2.1 percent to GH¢379.00.
Takeaways
The week’s trading captured the contrasting forces shaping the local equities market: heavy liquidity from big caps like MTN and GOIL injected energy into the market, yet losses across banking stocks and the GLD ETF left the composite index in decline. The bearish close, despite strong midweek activity, underlined investor caution and the challenges facing financial counters in particular.
The week underscored a familiar reality on the Ghana Stock Exchange: liquidity is often driven by a handful of heavyweights, leaving the broader index vulnerable to sudden swings.
While stocks like MTN and GOIL offered bright spots, the persistent drag from financials and the GLD ETF kept the market in check. The GSE remains active and attractive in pockets, but overall sentiment suggests an exchange still trying to find its footing.
