Equities soar in July 2023 delivering strong returns
In a continuation of its positive trajectory, the equities market in July 2023 exhibited a robust climb, as underscored by the GSE Composite Index surging by a notable 168.74 points.
This commanding performance propels the year-to-date return to an impressive 21.30%. Notably, the GSE Financial Stock Index also seized this opportunity to recoup ground, paring down its negative year-to-date return to 16.44%.
In terms of trading vigor, the market experienced a pronounced uptick, with both trading volume and value ascending by substantial margins 669.42% and 24.25% respectively, as compared to the preceding month.
Volume and value traded were 35,248,344 and GHS 18,361,235.27 respectively, both down 45.21% and 70.14% compared to the same period last year. Cumulative volume of 262,135,876 valued at GHS 349,388,623.47 represents a decrease of 77.31% and 68.89% compared to the same period last year.
The propulsive forces behind this surge are twofold: robust performances by listed entities in their half-yearly results, and a pervasive bullish sentiment sweeping through the investor community.
Nonetheless, it’s worth noting that despite this encouraging upswing, the year-on-year trajectory continues to exhibit a subdued tenor.
The month’s standouts in terms of price appreciation are emblematic of this energetic market environment. GGBL surged ahead by an impressive 32.08%, closely followed by SOGEGH (23.73%), MTNGH (8.33%), CAL (6.67%), and TOTAL (5.43%).
These formidable gains, amid an intricate interplay of factors, serve as a testament to the buoyancy that pervaded the market during the month of July.
