…up 165% YoY
By Ebenezer Chike Adjei NJOKU
The value of shares traded on the Ghana Stock Exchange (GSE) from beginning of the year to end-November reached GH¢1.996billion – effectively GH¢2billion – representing a 165.44 percent increase over the GH¢752million recorded during the same period in 2023.
This corresponded with a 71.29 percent growth in traded volumes, which reached 952.72 million shares for the period under consideration and drove the market capitalisation to GH¢108.4billion. At the same time last year, the market’s value stood at GH¢74.2billion.
Analysts have cited a slowdown in the debt market, coupled with the resurgence of financial sector stocks and attractive valuation, as major factors in the development. This, they add, has led to increased liquidity on the market.
In November alone, the market sustained its growth momentum with the GSE Composite Index (GSE-CI) closing at 4,694.37 points – a 49.97 percent gain compared to 29.71 percent during the corresponding period of last year. The GSE Financial Stock Index also saw significant progress, adding 113.71 points to achieve a 23.64 percent increase for the period under consideration.
Trading activities during the month however experienced a steep decline compared to the same period last year. A total of 9.35 million shares valued at GH¢27.84million were traded, marking a 92.9 percent drop in volume and an 83.85 percent fall in value. Despite this short-term decline, year-to-date figures remain strong.
Top-performing equities for the month included Ecobank Transnational Incorporated Plc, which posted a 45 percent price gain, and Cal Bank Plc which rose by 31 percent. Other notable gainers were Camelot Ghana Plc (17 percent), Access Bank Ghana Plc (10 percent), MTN Ghana (10 percent) and Ecobank Ghana Plc (7 percent). Unilever Ghana Plc (3 percent), GCB Bank Plc (2 percent), Ghana Oil Company Plc (1 percent) and TotalEnergies Marketing Ghana Plc (1 percent) also recorded price increases.
On the downside, Enterprise Group Plc shed 1 percent of its value, while the only listed exchange-traded fund (ETF) NewGold registered a notable 12 percent decline.
As investors and analysts will be watching closely for signs of sustained momentum in the year’s final month, there is a sense that the equities market will continue being a critical platform for investment and economic growth in the country.
Already, analysts have predicted the current rally in equities will extend into 2025 – fuelled by improved market conditions and a sustained recovery in corporate earnings, with the GSE Composite Index (GSE-CI) projected to close 2025 at 6,850 points…reflecting an annual increase of between 40 and 50 percent.
This growth is expected to be broad-based, with significant contributions from the banking, telecommunications and fast-moving consumer goods (FMCG) sectors.
