The Ghana Stock Exchange (GSE) witnessed a challenging trading session on Tuesday, September 9, 2025, as NewGold ETF (GLD) emerged as the sole loser among the 16 listed equities that participated in trading.
The exchange recorded significant declines in both volume and turnover, sparking concerns about short-term investor sentiment.
At the close of the session, the market registered 3,446,051 shares traded, valued at approximately GHS 13.48 million. Compared to the previous day’s performance, this represented a 22% decline in traded volume and a 15% dip in turnover, reflecting weakening momentum in investor activity.
NewGold ETF, Ghana’s gold-backed exchange-traded fund, closed at GHS 400.70 per share, falling 3.7% from its previous close of GHS 416.00. The sharp decline stood out against the broader market trend, as most equities either held steady or posted marginal gains.
Despite the drop, NewGold ETF has managed to stay resilient over the year, gaining 2.61% year-to-date after starting 2025 at GHS 390.50. In terms of activity, GLD ranks as the 12th most traded stock on the GSE over the past three months, with a cumulative 357,955 shares traded, valued at over GHS 133 million. Notably, its single-day volume peak of 120,594 shares on July 31 still remains one of the standout performances of the year.
While NewGold ETF struggled, MTN Ghana once again demonstrated its dominance on the exchange. The telecom giant led trading with an impressive 3.36 million shares exchanged, accounting for the bulk of the day’s activity. Other actively traded equities included Societe Generale Ghana (31,052 shares), SIC Insurance (21,596 shares), and CalBank (19,936 shares).
The sharp disparity in volumes highlights MTN Ghana’s unrivaled liquidity and investor appeal, positioning it as the stock of choice for both institutional and retail investors.
GSE Indices Hold Ground
In terms of market performance, the GSE Composite Index (GSE-CI) held steady, closing unchanged at 7,172.44 points. However, the broader index has shown signs of cooling off, recording a 1-week decline of 1.88% and a 4-week loss of 3.23%, despite an impressive 46.72% year-to-date gain.
Similarly, the GSE Financial Stocks Index (GSE-FSI) remained unchanged at 3,444.30 points, reflecting stability in financial equities. The index maintained a 1-week gain of 0.91%, a 4-week gain of 0.87%, and a year-to-date gain of 44.67%, underscoring the resilience of Ghana’s financial sector.
The overall market capitalization of the Ghana Stock Exchange stood at GHS 147.7 billion, unchanged from the previous session. While the headline figures suggest stability, the sharp drop in both trading volume and turnover indicates a cautious stance among investors.
The decline could be attributed to short-term market corrections following weeks of strong performance, as well as external factors such as global commodity price fluctuations and currency movements.
Analysts suggest that the decline in NewGold ETF’s price may not necessarily signal a long-term bearish trend. Given its status as a commodity-backed ETF, its performance is often influenced by international gold prices, which remain volatile. With Ghana’s economy continuing to stabilize, investor demand for gold-backed securities could rebound in the coming weeks.
Meanwhile, the GSE’s year-to-date growth of nearly 47% remains a remarkable achievement, placing it among Africa’s top-performing stock markets. Market watchers remain optimistic that blue-chip stocks such as MTN Ghana and key financial equities will continue to anchor investor confidence.
The Ghana Stock Exchange’s September 9 trading session highlighted the fragile balance between resilience and volatility in the equities market. While NewGold ETF bore the brunt of losses with a sharp 3.7% decline, the overall market capitalization and indices remained steady, signaling underlying strength.
As the market continues to attract both local and foreign investors, the coming weeks will be crucial in determining whether the decline in trading volume is a temporary dip or an early indicator of a broader slowdown. For now, the GSE maintains its strong year-to-date momentum, even as individual stocks like NewGold ETF remind investors of the risks inherent in equity markets.
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