Trading activity on the Ghana Stock Exchange (GSE) rebounded sharply on October 9, with total market turnover surging to GHS 31.89 million. This figure represents a substantial increase of GHS 25.03 million, or approximately 365%, compared to the GHS 6.86 million recorded on October 8. The volume of securities traded also rose significantly, increasing by 228% to 5.38 million shares from 1.64 million shares.
The dramatic surge in turnover was overwhelmingly driven by transactions involving MTN Ghana. The telecommunications giant alone accounted for 4.43 million shares, valued at GHS 28.62 million. This single stock represented 82.4% of the total market volume and 89.8% of the total traded value, making the October 9 session heavily dependent on this one counter. This concentration suggests a large institutional transaction rather than broad market participation.
This pattern highlights a recurring structural feature of Ghana's equities market. While headline turnover figures can appear robust, they often mask underlying narrowness. Significant increases in daily turnover frequently occur when a large transaction takes place in a single liquid stock, without a comparable improvement across the wider market. This can lead to a perception of strong market activity that does not reflect broad investor engagement or liquidity across all listed companies.
Excluding MTN Ghana, turnover across other equities, depositary shares, exchange-traded funds, and the Ghana Alternative Market (GAX) amounted to only about GHS 3.27 million. This figure provides a clearer picture of the market's activity beyond the dominant MTN Ghana trade. The disparity between the headline figure and the ex-MTN Ghana figure underscores the importance of examining market breadth when assessing overall market health and liquidity.
Price performance on October 9 was more positive than the previous session, with six gainers against two decliners. This indicated an improvement from October 8, which saw six gainers and seven decliners. SIC Insurance led the gainers, rising by GHS 0.32, or 6.65%, to GHS 5.13. This advance recovered its GHS 0.23 loss from October 8. Kasapreko also gained GHS 0.10, or 5.49%, closing at GHS 1.92, reversing its previous session's decline.
CAL Bank advanced 4.29% from GHS 0.70 to GHS 0.73, recovering most of its four-pesewa decline from October 8. Enterprise Group extended its gains, rising by another GHS 0.10 to GHS 7.70, following a GHS 0.25 advance in the prior session. On the Ghana Alternative Market, Intravenous Infusions increased by GHS 0.04, or 7.84%, to GHS 0.55, reversing a three-pesewa decline. Digicut also extended its advance, adding one pesewa to close at GHS 0.56, marking a fresh year-high.
Conversely, Ecobank Transnational Incorporated remained under selling pressure, declining by one pesewa to GHS 1.54. This followed a GHS 0.13, or 7.74%, fall on October 8, bringing its cumulative two-session loss to GHS 0.14. First Atlantic Bank recorded the session’s steepest percentage decline, falling by GHS 0.40, or 4.76%, to GHS 8.00, though this occurred on relatively thin volume of 1,380 shares.
Several stocks, including GOIL, GCB Bank, MTN Ghana, Unilever Ghana, and Societe Generale Ghana, held their prices unchanged despite varying activity levels. MTN Ghana closed flat at GHS 6.45, despite dominating trading. This suggests the large volume was absorbed without materially changing its market valuation, possibly indicating a negotiated or carefully matched transaction rather than aggressive buying through open market orders.
Beyond MTN Ghana, Fan Milk generated GHS 985,308 from 70,379 shares, making it the second-largest contributor to traded value. Benso Oil Palm Plantation followed with GHS 504,075, and GOIL recorded GHS 387,469. CAL Bank generated GHS 304,985 from 416,756 shares, ranking as the second-highest equity volume behind MTN Ghana. These figures, while notable, remained significantly smaller than MTN Ghana's contribution, reinforcing the market's concentrated nature.
Investors and market watchers will continue to monitor the GSE for signs of broader market participation and sustained liquidity. The reliance on a few dominant stocks for overall turnover figures remains a key characteristic. Future sessions will indicate whether the positive price performance seen in several stocks can translate into more widespread trading activity across the exchange.