MTN Ghana (MTNGH) and the NewGold Exchange Traded Fund (GLD) led trading activity on the Ghana Stock Exchange (GSE) during the first four months of 2025, dominating the market by share volume and trade value, respectively.
MTNGH was responsible for 64.83% of all shares exchanged, totaling approximately 54.6 million shares. CAL Bank followed as a distant second, contributing 18.09% of the overall volume.
Though it placed sixth in terms of volume, the GLD ETF stood out by generating GH¢387 million in traded value, representing 62.64% of the total market value. MTNGH added GH¢161.9 million in value traded, accounting for 26.19%. Together, these two instruments made up nearly 89% of the market’s total value traded, pointing to a significant concentration in investor activity.
The sharp contrast between volume and value illustrates a clear investor tilt toward gold assets, often seen as a safeguard during economic uncertainty. Meanwhile, financial stocks showed moderate engagement—GCB Bank ranked third in value at GH¢20.3 million, with Standard Chartered Bank (SCB) and TOTAL Petroleum also contributing notable value despite fewer shares traded.
Market liquidity continued to revolve around MTNGH and a handful of financial stocks, with the top five equities comprising 93.62% of total volume. This trend highlights the fragile nature of broader equity participation and emphasizes the prevailing dominance of telecom and gold-related investments on the GSE.
FAQs: MTN Ghana & NewGold ETF Performance on the GSE (Jan–Apr 2025)
1. Why did MTN Ghana dominate trading volume on the GSE?
MTN Ghana led in trading volume due to its high investor interest, accounting for over 64% of total shares traded during the period. Its liquidity and strong market presence make it a go-to stock for investors.
2. What is the NewGold ETF (GLD), and why was it significant?
The NewGold ETF is a gold-backed exchange-traded fund. Despite lower trading volume, it contributed the highest value traded (GH¢387 million), reflecting investor preference for gold as a hedge against economic uncertainty.
3. How did the performance of CAL Bank and GCB compare?
CAL Bank was second in trading volume (18.09%), while GCB ranked third in traded value (GH¢20.3 million), showing solid investor activity among banking stocks.
4. What does the concentration of trades in a few stocks mean for the market?
It indicates limited diversity in investor interest, with most activity focused on MTN Ghana and GLD. This suggests market fragility and a need for broader equity participation.
5. Why are investors drawn to gold-backed assets like GLD?
Gold is considered a safe-haven asset, especially during times of inflation or global economic uncertainty, making gold-backed ETFs attractive to investors seeking stability.
6. How much of the market’s total traded value did MTNGH and GLD contribute?
Together, MTN Ghana and the NewGold ETF accounted for nearly 89% of the total value traded on the Ghana Stock Exchange during the first four months of 2025.
7. Which sectors showed moderate but noteworthy activity?
The banking and petroleum sectors showed some movement, with GCB, SCB, and TOTAL Petroleum all contributing notable value despite lower volumes compared to the top two.
8. What does this mean for new or retail investors?
It suggests that while there are popular and safe options like MTN Ghana and GLD, the market is heavily skewed, and diversification across more stocks might be limited.
