GSE loses GH¢4.5bn as market indices decline

Ghana’s stock market lost about GH¢4.54 billion in market capitalisation last week as both major indices declined, while trading activity weakened across the equities market.

Market capitalisation on the Ghana Stock Exchange (GSE) fell from GH¢271.26 billion in the week ended October 16, 2026, to GH¢266.72 billion in the week ended October 23, representing a decline of 1.67 per cent.

The benchmark GSE Composite Index (GSE-CI) dropped by 1.99 per cent to close at 14,107.58 points, from 14,394.77 points the previous week.

The GSE Financial Stocks Index (GSE-FSI), which tracks the performance of listed financial stocks, also declined by 0.93 per cent to 7,428.53 points, from 7,498.54 points.

Despite the weekly setbacks, the market maintained strong year-to-date gains, with the GSE-CI up by 60.86 per cent and the GSE-FSI advancing 59.85 per cent.

The performance points to a difficult week for equities, although the market’s cumulative gains for the year remained substantial.

Trading activity also weakened during the period, with total shares traded falling to 12.36 million from 16.85 million the previous week, a decline of 26.66 per cent.

The value of shares traded dropped by 16.07 per cent, from GH¢67.21 million to GH¢56.41 million.

The figures indicate a slowdown in market activity, with fewer shares changing hands and the overall value of transactions declining.

Information and Communications Technology (ICT) stocks continued to dominate trading, accounting for approximately 59.70 per cent of the total volume of shares traded and 85.06 per cent of the market’s total traded value.

The ICT sector recorded a trading volume of about 7.38 million shares, valued at GH¢47.98 million.

The finance sector followed with GH¢5.31 million in traded value, while insurance stocks recorded GH¢1.18 million. Food and beverage stocks accounted for GH¢1.05 million.

Manufacturing, distribution, advertising and production, agriculture, and mining recorded comparatively lower trading values.

On the price front, CPC emerged as the strongest performer among the listed stocks tracked in the weekly report, with its share price rising by 8.57 per cent to GH¢0.38 from GH¢0.35.

MMH followed with a 7.69 per cent increase to GH¢0.14, while CAL gained 1.37 per cent to close at GH¢0.74.

GCB Bank recorded a marginal gain of 0.07 per cent to GH¢40.23.

SIC Insurance, however, slipped by 0.20 per cent to GH¢5.00.

Among the decliners, IIL recorded the steepest fall, shedding 6.56 per cent to close at GH¢0.57.

GOIL declined by 5.33 per cent to GH¢5.68, while Digicut fell by 4.44 per cent to GH¢0.43.

KASA lost 4.23 per cent to close at GH¢1.81, while DasPharma declined by 4.12 per cent to GH¢0.93.

MTN Ghana also recorded a 3.12 per cent drop, closing at GH¢6.52 from GH¢6.73 the previous week. Ecobank Transnational Incorporated (ETI) declined by 2.58 per cent to GH¢1.51, while Ecobank Ghana fell by 2.50 per cent to GH¢39.00.

The weekly report put the average share price change at a decline of 1.31 per cent.

MTN Ghana was the most actively traded stock by volume, recording approximately 7.36 million shares traded during the week.

CAL followed with about 3.09 million shares, while KASA recorded approximately 505,776 shares. ETI and Digicut completed the top five by volume.

In value terms, MTN Ghana led with approximately GH¢47.93 million in shares traded, followed by CAL with GH¢2.25 million.

Ecobank Ghana recorded GH¢985,660.79, while GCB Bank and KASA accounted for GH¢941,227.78 and GH¢937,036.34, respectively.

The figures underline the dominance of MTN Ghana in overall market activity during the period, even as its share price declined.

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