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Stocks in Ghana Make a Stunning Comeback in August 2023

Massive Trading Frenzy Leads the Way

2 years ago
in Business, Editor's pick, Features, highlights, Home, home-news, latest News, Markets, Trade
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  • Stocks in Ghana Make a Stunning Comeback in August 2023
  • Massive Trading Frenzy Leads the Way

In a remarkable turn of events, the Ghana Stock Exchange (GSE) Composite Index during the month of August 2023 has soared by an astounding 108.2 points, surging past the coveted 3000-point threshold for the first time this year. This outstanding performance has not only set a new high for the exchange but has also delivered an impressive year-to-date return of 26.22%, signaling a resurgence in investor confidence in the month of August 2023.

The GSE Financial Stock Index also made a notable recovery, with a 40.95-point increase over the past month. This positive development has helped mitigate its year-to-date losses, which now stand at a more modest 14.44%.

Driving this surge in performance has been a wave of optimism prevailing across various sectors, boosting sentiment among investors.

The equities market has particularly witnessed a surge in trading activity, with both volume and value traded experiencing remarkable growth. Compared to the previous month, trading volume increased by an impressive 163.34%, while the value traded skyrocketed by an astonishing 581.62%. Among the standout performers for the month were SOGEGH, posting a remarkable gain of 64.38%, followed by TOTAL (32.35%), SCB (23.33%), BOPP (21.0%), and SIC (20.0%).

In terms of volume and value traded over the same period last year, the figures stood at 92,823,740 and GHS125,153,873.29, respectively, marking an increase of 20.16% in volume and 9.62% in value.

However, when we consider cumulative traded volume and value, there has been a decline of 71.20% and 61.65%, respectively, compared to the same period last year. This suggests a shift in market dynamics over the long term.

Meanwhile, the Ghana Fixed Income Market (GFIM) ended the month with a traded volume of 5.33 billion, representing a marginal decrease of 3.68% compared to the previous month. Perhaps more significantly, this figure reflects a striking 66.04% decrease from the same period in 2022. It’s worth noting that a substantial 91.76% of the market activity was driven by trades in short-term government securities.

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In summary, the Ghana Stock Exchange’s recent performance has been nothing short of remarkable, with significant gains in key indices and a surge in equities market activity. While the fixed income market has seen a decline in trading volume year-on-year, the overall positive sentiment points to a promising outlook for Ghana’s financial markets.

Tags: Ghana Fixed Income Market (GFIM)Ghana Stock Exchange (GSE)GSE Financial Stock IndexMassive Trading Frenzy Leads the WayStocks in Ghana Make a Stunning Comeback in August 2023
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