Ghana Stock Exchange Q3 2026 Review: the index fell, four penny stocks more than doubled
How the Ghana Stock Exchange performed in Q3 2026: the GSE Composite Index fell 4.0% (7.1% in dollars) while HORDS, Intravenous Infusions, Dannex Ayrton Starwin and Cocoa Processing more than doubled. Top gainers, fallers and month-end levels.
The GSE Composite gave back July's gains
The GSE Composite Index started the quarter well, rising 4.8% in July to a quarter high of 15,453.17 on 30 July. It then fell 2.3% in August and 6.2% in September, touching a low of 13,886.74 on 25 September before closing the quarter at 14,141.56, down 4.0%.
The cedi also weakened by about 3% against the dollar, so the dollar return was −7.1%. That still leaves Ghana up 44.9% in dollars for 2026, after it led African markets in the first half of the year.
Four penny stocks more than doubled
Below the index, the quarter belonged to Ghana's lowest-priced shares. Hords rose from 11 pesewas to 72, a gain of 555%, after the company swung to a profit on a 62% rise in revenue. Intravenous Infusions climbed 194%, Dannex Ayrton Starwin 180% and Cocoa Processing Company 115%.
All four started the quarter below GH¢0.50 a share, where a small amount of buying moves the price a long way. Their climbs were gradual, though, with no session breaking the exchange's daily price limit. Among larger companies, Unilever Ghana rose 36% and Ecobank Ghana 16%.
Lithium, banks and fuel led the losses
Atlantic Lithium fell 37% and Access Bank Ghana 35%. Enterprise Group, GOIL and Ecobank Transnational each lost about a quarter of their value. Overall, 12 stocks rose, 13 fell and 7 were unchanged. MTN Ghana, the largest company on the exchange, added 4.7% and was by far the most traded stock, with about 113 million shares changing hands.
GSE Composite Index: month by month
| Month end | Close | Change |
|---|---|---|
| 30 Jun 2026 | 14,724.26 | start of Q3 |
| 31 Jul 2026 | 15,434.87 | +4.8% |
| 31 Aug 2026 | 15,076.25 | −2.3% |
| 30 Sep 2026 | 14,141.56 | −6.2% |
Quarter high: 15,453.17 on 30 Jul. Quarter low: 13,886.74 on 25 Sept.
Top gainers and biggest fallers
| Top gainers | 30 Jun | 30 Sep | Q3 |
|---|---|---|---|
| Hords HORDS Swung to a profit on a 62% revenue rise | GH¢ 0.11 | GH¢ 0.72 | +554.5% |
| Intravenous Infusions IIL | GH¢ 0.18 | GH¢ 0.53 | +194.4% |
| Dannex Ayrton Starwin DASPHARMA | GH¢ 0.41 | GH¢ 1.15 | +180.5% |
| Cocoa Processing Company CPC | GH¢ 0.13 | GH¢ 0.28 | +115.4% |
| Unilever Ghana UNIL | GH¢ 29.5 | GH¢ 40 | +35.6% |
| Clydestone Ghana CLYD | GH¢ 2.95 | GH¢ 4 | +35.6% |
| Biggest fallers | 30 Jun | 30 Sep | Q3 |
|---|---|---|---|
| Atlantic Lithium ALLGH | GH¢ 8.46 | GH¢ 5.3 | −37.4% |
| Access Bank Ghana ACCESS | GH¢ 31.9 | GH¢ 20.67 | −35.2% |
| Enterprise Group EGL | GH¢ 10.05 | GH¢ 7.35 | −26.9% |
| GOIL GOIL | GH¢ 7.5 | GH¢ 5.5 | −26.7% |
| Ecobank Transnational ETI | GH¢ 2.27 | GH¢ 1.72 | −24.2% |
The heavyweights
| Largest stocks | 30 Jun | 30 Sep | Q3 |
|---|---|---|---|
| MTN Ghana MTNGH | GH¢ 6.4 | GH¢ 6.7 | +4.7% |
| Ecobank Ghana EGH | GH¢ 33.67 | GH¢ 39 | +15.8% |
| Standard Chartered Ghana SCB | GH¢ 71 | GH¢ 69.89 | −1.6% |
| GCB Bank GCB | GH¢ 40 | GH¢ 40 | 0.0% |
Most traded in Q3: MTN Ghana (about 113 million shares), CAL Bank (about 18.7 million shares), Intravenous Infusions (about 18.5 million shares).
How Ghana compares
In US dollars, Ghana's −7.1% ranked #14 of the 15 African markets in our African Markets Q3 2026 Review. The S&P 500 returned +2.0% over the same period and the MSCI Emerging Markets benchmark −2.4%.
Frequently asked questions
How did the Ghana Stock Exchange perform in Q3 2026?
The GSE Composite Index fell 4.0% in Q3 2026, from 14,724.26 on 30 June to 14,141.56 on 30 September. With the cedi weaker against the dollar, the dollar return was −7.1%. The index is still up 44.9% in dollars for 2026.
What was the best-performing stock on the GSE in Q3 2026?
Hords (HORDS) rose from GH¢0.11 to GH¢0.72, a gain of 555%. Intravenous Infusions (+194%), Dannex Ayrton Starwin (+180%) and Cocoa Processing Company (+115%) also more than doubled.
How did MTN Ghana shares perform in Q3 2026?
MTN Ghana rose 4.7%, from GH¢6.40 to GH¢6.70, and was by far the most traded stock on the exchange with about 113 million shares changing hands.