Ghana Stock Exchange (GSE) Displays Robust Performance in February 2024

As the sun sets on the last trading day of February 2024, the Ghana Stock Exchange (GSE) has recorded a robust performance, underscoring the resilience and growth potential of the country’s financial markets. The GSE, with its two distinct categories of listing – the Main Board and the Ghana Alternative Market (GAX) – has become a focal point for investors seeking diverse opportunities. Here, we delve into the notable equities, trading volumes, and key market indices that shaped the landscape of the GSE in February.

Listed companies/securities

The GSE has two categories of listing, namely, the main board and the Ghana Alternative Market (GAX). The GAX, operated as a parallel market since 2015, is aimed at small and medium-sized enterprises with strong growth potential. The table below presents equities from both categories. Currently, the types of stocks listed on the GSE are common stocks (ordinary shares), preferred stocks (preference shares), and exchange traded funds.

AADSAngloGold Ashanti Depositary Shares0.41
ACCESSAccess Bank Ghana1,2974.05+0.00
ADBAgricultural Development Bank545.06+0.00
AGAAngloGold Ashanti Limited37.00
ALWAluworks Limited0.10
ASGAsante Gold Corp8.89
BOPPBenso Oil Palm Plantation Limited1,18621.53+0.00
CALCAL Bank Limited1820.50+0.00
CLYDClydestone Ghana Limited0.03
CMLTCamelot Ghana Limited30.10+0.00
CPCCocoa Processing Company Limited0.02
DASPHARMADannex Ayrton Starwin Plc2600.38+0.00
DIGICUTDigicut Production & Advertising0.09
EGHEcobank Ghana Limited1,2256.10+0.05
EGLEnterprise Group Limited212.39+0.00
ETIEcobank Transnational Incorporated7,0400.15+0.00
FMLFan Milk Plc8,0443.30+0.00
GCBGCB Bank Limited2353.40+0.00
GGBLGuinness Ghana Breweries Limited5224.44+0.00
GLDNewGold ETF245.80
GOILGhana Oil Company Limited6551.50+0.00
HORDSHords Limited0.10
IILIntravenous Infusions Limited9800.05+0.00
MACMega African Capital Limited5.38
MMHMeridian-Marshall Holdings0.10
MTNGHMTN Ghana2,397,2621.44+0.04
PBCProduce Buying Company Limited0.02
RBGHRepublic Bank Ghana Limited2040.48+0.00
SAMBASamba Foods Limited0.55
SCBStandard Chartered Bank Limited319.25+0.00
SCBPREFStanchart Preferential Shares0.90
SICSIC Insurance Company Limited10.24+0.00
SOGEGHSociete Generale Ghana Limited431.57+0.00
TBLTrust Bank Gambia Limited0.82
TLWTullow Oil Plc11.92
TOTALTotalEnergies Marketing Ghana2669.50+0.00
UNILUnilever Ghana Limited10.76

Diverse Equities Fueling Market Momentum

The GSE boasts a variety of equities listed on both the Main Board and the GAX. From mining giants to emerging enterprises, the exchange caters to a spectrum of investors. Notable equities include AngloGold Ashanti Depositary Shares (AADS), Access Bank Ghana (ACCESS), Ecobank Ghana Limited (EGH), and the ever-prominent MTN Ghana (MTNGH). These stocks represent a mix of sectors, contributing to the diversity that defines the GSE.

Types of Stocks and Their Dynamics

Investors in the GSE have access to common stocks (ordinary shares), preferred stocks (preference shares), and exchange-traded funds (ETFs). Common stocks, entailing ownership and voting rights, coexist with preferred stocks that often promise fixed dividends. Meanwhile, exchange-traded funds offer a diversified investment approach.


February 2024 Trading Highlights

On the trading front, the GSE witnessed notable activity on Friday, March 1, 2024. A total of 2,419,483 shares were traded, translating to a market value of GHS 3,518,087.00. This represented a significant improvement of 134% in volume and 138% in turnover compared to the previous trading day, demonstrating a heightened investor interest.

Market Indices Reflect Positive Sentiment

The benchmark GSE Composite Index (GSE-CI) experienced a notable uptick, gaining 50.19 points (1.55%) to close at 3,278.04. This marks a 2.92% weekly gain, a 4-week gain of 3.33%, and an impressive year-to-date gain of 4.72%. Similarly, the GSE Financial Stocks Index (GSE-FSI) increased by 0.14% to reach 1,996.71 points, showcasing a 3.84% weekly gain, a 4.53% 4-week gain, and a year-to-date gain of 5%.

Individual Equities’ Performance

In the fray of equities, MTN Ghana emerged as a frontrunner, recording a 2.86% gain, followed by Ecobank Ghana with a commendable 0.83% increase. MTN Ghana also dominated the trading scene, leading with 2.4 million traded shares, accompanied by Fan Milk (8,044), Ecobank Transnational (7,040), and Access Bank Ghana (1,297).

Read Also: Ghana Stock Exchange Report – January 2024: A Month in Review

Market Overview and Future Prospects

Remarkably, no equities reported losses on this trading day, contributing to an overall positive sentiment. The GSE’s current market capitalization stands at an impressive GHS 75.6 billion, underlining its significance in the regional financial landscape. As we conclude February, the GSE’s resilience and growth trajectory position it as a key player in Africa’s financial markets, offering investors a promising landscape.