Ghana’s bond market suffers steep decline in turnover in February 2023
The Ghana Stock Exchange (GSE) released its Summary of February 2023 Market Activities, highlighting the market’s performance during the month. While the bond market experienced a significant decline of about 52.50% year-on-year in market turnover, the stock market fared better, with the GSE Composite Index recovering some of its losses from earlier in the year.
The GSE Composite Index and the Financial Stock indices recorded negative returns of 1.47% and 5.17%, respectively, during the month of February. Despite these negative returns, the market’s recovery was driven by some of the listed companies posting strong financials and the conclusion of activities surrounding the Domestic Debt Exchange program.
Market activities picked up significantly in February 2023 compared to the previous month, with a total volume of trade of 9.17 billion, representing a decline of 9.48% compared to the total volume traded in January 2023. Despite this decline, the market showed resilience, with several companies recording significant price gains during the month.
The top price gainers for the month included Unilever, which saw a 19.60% increase in its stock price, TOTAL, which recorded a 12.56% increase, MTNGH, with a 12.20% increase, and BOPP, which saw a 9.66% increase. These gains were driven by a range of factors, including strong financials and market sentiment.
Despite the challenges faced by the bond market in February 2023, the stock market’s recovery provides a glimmer of hope for investors. The market’s resilience during this period is a testament to the strength of Ghana’s economy and its ability to weather challenging market conditions.
Looking forward, investors will be closely monitoring the market’s performance to identify emerging trends and investment opportunities. With the potential for further market volatility and uncertainty, investors must remain vigilant and stay abreast of market developments to make informed investment decisions.
- Ghana’s Bond Market Suffers Steep Decline in Turnover in February 2023
