A single telecom counter carried almost all of the day’s trading value on September 18, showing how narrow liquidity on the Ghana Stock Exchange remains.
The Ghana Stock Exchange (GSE) recorded 2.90 million shares worth GH¢15.25 million on Thursday, 18 September 2026 — but strip out one company and the picture changes completely.
MTN Ghana accounted for 2.06 million of those shares, valued at GH¢13.43 million. That is roughly 71 percent of all volume and about 88 percent of all value traded in the market's 7,300th session, as reported by Norvan Reports.
Without MTN, the entire market would have turned over just about GH¢1.82 million.
How MTN performed
The telecom stock closed at GH¢6.69, up 19 pesewas from its previous close of GH¢6.50. That is a gain of roughly 2.92 percent.
Ordinary shares made up 2.64 million units worth GH¢15.01 million of the day's total. The rest came from the Ghana Alternative Market (GAX), a segment of the exchange for smaller and growing companies, and from the NewGold exchange-traded fund.
Banks and insurers saw selective buying
Outside MTN, the day's gains were concentrated in financial stocks.
SIC Insurance posted the strongest percentage rise among actively traded ordinary shares, up 5.03 percent to GH¢5.43 from GH¢5.17, on 17,722 shares.
Ecobank Ghana added about 2.70 percent to close at GH¢38.00. GCB Bank rose 1.97 percent to GH¢40.79, and CAL Bank edged up 1.41 percent to 72 pesewas.
By volume, Ecobank Transnational Incorporated was the second most traded ordinary share with 280,653 shares worth GH¢448,404.55 — a steep drop from MTN's figures. Kasapreko followed with 126,115 shares, and CAL Bank with 90,262.
The losers and the flat lines
Dannex Ayrton Starwin fell 2.46 percent to GH¢1.19. Kasapreko dropped about 2.14 percent to GH¢1.83.
Several heavyweights did not move at all. TotalEnergies Marketing Ghana held at GH¢37.80, GOIL at GH¢6.10, and Societe Generale Ghana at GH¢5.60. Fan Milk, Unilever Ghana and Benso Oil Palm Plantation also closed unchanged.
On the GAX, only three counters traded. Intravenous Infusions led with 208,979 shares worth GH¢109,298.87, closing at 52 pesewas, down 1.89 percent. Hords traded flat and Digicut fell 4.76 percent to 40 pesewas. Samba Foods and Meridian-Marshalls recorded no trades.
The NewGold exchange-traded fund saw 221 units change hands for GH¢102,186.16, with the price barely moving from GH¢462.39 to GH¢462.38.
Why this matters
Atlantic Lithium, AngloGold Ashanti, Asante Gold, Cocoa Processing Company and First Atlantic Bank all recorded zero turnover. Unilever Ghana traded just 252 shares and Tullow Oil only 214.
For investors at home and Ghanaians abroad watching the local market, the lesson is about depth rather than headline numbers. A strong daily turnover figure can mask the fact that most listed companies barely trade at all. Liquidity on the GSE still sits with a small handful of counters.
