The Ghana Stock Exchange fended off competitions from other African stock markets on the continent as it ended the first quarter of this year as the best performing stock market in Africa.
The local bourse ended the first quarter with an annual return of 14.62 percent in dollar term for investors. The impressive performance of the market translated into an improved market capitalization of GH¢57.16 billion at the end of March this year.
The cedi’s recent stability and performanc compelled investors to shift their interest to the stock market because they will accrue more return than investing in the dollar.
Nine companies appreciated in value as compared to five losers at the end of the first three months of this year.
MTN Ghana was the biggest gainer for the cocoa producing West African countries, appreciating in stock value by 32 percent. It was followed by Soceite Generale with 17.19 percent and Total Ghana 11.3 percent.
The biggest loser was Unilever Ghana Limited with year-to-date depreciation of 26.95 percent, but analysts believe its performance will see a swift turnaround by the first half of this year. It is presently selling at GH¢6.06 per share.
On the continent, the Johannesburg Stock Exchange ended the first quarter with 12.03 percent and was the 2nd best performing stock market, whilst the Namibia Stock Exchange placed third with 8.12 percent.
Same period last year, the local bourse was the second worst performing stock market on the continent. It is a great news that it has recovered from that set back in the first quarter of this year.
GSE’s Latest Performance
At the end of the final weekday of trading on the Ghana Stock Exchange (GSE), a total of 77,749 shares, corresponding to a market value of GHS 89,499.64, were traded. Compared with the previous GSE trading day (Thursday, April 13), Friday’s data showed 24 percent decline in volume and 4 percent decline in turnover.
In the aggregate, 13 GSE listed equities participated in trading, ending with one loser, namely Enterprise Group, with 10% share price depreciation. MTN Ghana recorded the highest volume of 67,693 traded shares, followed by Ecobank Transnational (5,114), CAL Bank (2,834) and Enterprise Group (1,300).
Regarding the performance of GSE market indices, the benchmark GSE Composite Index (GSE-CI) pared 4.91 (-0.18%) points to close at 2,682.85, representing a 1-week loss of 2.74%, a 4-week gain of 0.39%, and an overall year-to-date gain of 9.78%.
The GSE Financial Stocks Index (GSE-FSI) also decreased by 0.49% to 1,797.77 points, making it a 1-week loss of 0.49%, a 4-week loss of 4.06%, and a year-to-date loss of 12.41%.
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