The Ghana Stock Exchange (GSE) is the 6th best-performing stock market in Africa so far this year.
The GSE Composite Index continued its positive run at the close of February 2024 with both the Composite and Financial Stock indices recording positive returns of 3.12% and 4.86% respectively.
The year-to-date return of the GSE stood at 7.17% in cedi terms and 1.46% in dollar terms as of March 11, 2024.
Importantly, the stock market is benefiting from an improving economic fundamental of the country buoyed by the International Monetary Fund Support programme.
According to the Summary of February 2024 Market Activities, activities picked up significantly compared to the previous year, with the number of transactions recording a 62.41% increase.
Unilever, Enterprise, SCB among top gainers in February 2024
The top price gainers for February 2024 were Unilever (20.90%), Enterprise Ghana (10%), SCB (9.81%), Access (9.46%), CalBank (4.17%), Gold Star (2.54%) and Fanmilk (1.54%).
Meanwhile, the Ghana Fixed Income Market closed the month with a volume traded of 13.23 billion, representing an increase of 44.24% compared to the same period in 2023.
Long-term government securities accounted for 25.65% of the market activity, while short-term government instruments constituted 69.57%, and corporate securities accounted for 4.78%.
The year-to-date volume traded of 28.09 billion was 46.36% more than the 19.19 billion traded in the same period last year.
POSITIONS OF AFRICAN STOCK MARKETS SO FAR IN 2024
| STOCK MARKET | Y-T-D (LOCAL CURRENCY TERM | Y-T-D (DOLLAR TERM) | POSITION |
| Zambia LUSE ASI | 14.67% | 21.00% | 1st |
| Kenya NSE ASI | 3.51% | 15.32% | 2nd |
| Morocco MASI | 7.15% | 5.24% | 3rd |
| Malawi MASI | 5.00% | 5.00% | 4th |
| Uganda USE ASI | 6.46% | 3.12% | 5th |
| Ghana GSE-CI | 7.17 | 1.46% | 6th |