Ghana Stock Exchange records strong performance in November

Daba Finance/Ghana Stock Exchange soars in November

AFRICAN STOCKS AND FINANCEDecember 9, 2023 at 9:55 PM UTC

In November 2023, the Ghana Stock Exchange experienced significant growth, with its composite index rising by 44.28 points in the equities market. This marked a notable improvement compared to the previous month, bringing the year-to-date return to 29.71%. The Financial Stock Index also saw a positive shift, gaining 17.52 points and reducing the year-to-date loss to 2.71%.

The top performers for the month included Ecobank Ghana (18.64%), GLD (2.58%), MTN Ghana (2.19%), CAL (2%), and FanMilk (0.33%). Both volume and value traded exhibited substantial increases, rising by around 1,009% and 807%, respectively, in comparison to the previous month. The GSE Financial Stock Index (FSI) mirrored this growth, adding 17.52 points and further mitigating the year-to-date loss to 2.71%.

Shifting to the debt market, the Ghana fixed-income market observed a surge in trading volumes in November 2023, reaching 12.78 billion. This represented a notable 32.16% increase compared to the previous month. Long-term government securities transactions constituted 50.33% of market activity, showing an upward trend from the 41.43% recorded in the preceding month.

Key Takeaways

The GSE rally can be attributed to a renewed interest in the equities market, driven by positive developments in the government’s efforts to fix a protracted debt crisis with the help of IMF’s $3 billion bailout package. Ghana, one of the world's biggest producers of both gold and cocoa and long seen as one of Africa's best-run countries, is suffering its worst economic crisis in a generation. The GSE remains on course to beat market expectations, but analysts say much more must be done to sustain growth in the face of cyclical hills and valleys.

Ghana Stock Exchange

Ecobank Ghana

NewGold Limited

MTN Ghana

CalBank

FanMilk Ghana

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