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Index Performance

The GSE – Composite Index (GSE-CI) recorded a year to date gain of 78.81% ending the year with 2,145.20 point while the GSE Financial Stock Index (GSE-FSI) also recorded a return of 71.81% ending the year with 1,784.05points. The return on index recorded on the Ghana Stock Exchange for the year 2013 makes the Exchange one of the best performing stock market in Sub-Saharan Africa.   The GSE-CI and the GSE-FSI recorded a return of 23.81% and 20.94% in December 2012.

Market Capitalization

Market capitalization of listed securities at the end of December 2013 was GH¢61,158.29million compared to the December 2012 end figure of GH¢57,264.22million, an increase of 6.80%. Domestic Market capitalization recorded a 76.68% increase ending December 2014 with GH¢11,694.93 compared to GH¢6,753.14 recorded for the same period in 2012. This clearly shows that there were more price increases in the primary listings on the market.


Market turnover in 2013 was positively impacted by the increased activities on the floor of the Exchange. Volume of shares traded for the year stood at 313million shares valued at GH¢456.14million. This represents a significant 143.5% and 446% over the volume and value of 218million shares and GH¢102.19m respectively recorded at the end of December 2012.



Listed companies recorded improved company performances in terms of share price appreciation for the year under review. Interestingly, some of the listed companies recorded returns higher than the GSE-CI gain of 78.81%. Out of the 34 companies listed on the GSE, ten companies made gains of more than 100% with PZ Cussons (PZC) leading the pack with 338.89%. The rest were Enterprise Group Ltd (EGL) – 291.67%; CAL Bank Ltd (CAL)– 155.26%; Mechanical Lloyd Co. Ltd (MLC) – 153.33%; Guinness Ghana Breweries Ltd ( GGBL) – 136.64%; GCB Ltd (GCB) – 130.95%; Benso Oil Palm Plantation (BOPP) – 129.29%; Societe General (SOGEGH) – 120.59%; Unilever Ghana Ltd (UNIL) – 114.91%; and HFC Bank Ltd (HFC) – 113.33%;. Five companies recorded gains of 50% and above. This category was also led by Ecobank Ghana Ltd (EBG) with 87%; Fan Milk Ltd (FML) – 86.48%; TOTAL Ghana Ltd (TOTAL) – 72.33%; Ecobank Transnational Inc (ETI) – 58.33%; and Sam Woode Ltd (SWL) – 50%. Similarly, five companies recorded gains of up 50%. There were however, eight companies with no change in their share prices.   On the other hand, TRANSOL led the losers on the market with a significant loss of 25% in its share price among five other companies that lost between 20 % - 5% in their share prices.



  • GSE Securities Depository Ltd merged with Bank of Ghana’s Central Securities Depository, agreement signed on 24/12/2013, merger effective 01/01/2014.
  • Secondary listing of Government of Ghana’s ten year 2nd Eurobond of US$1billion in August 2013 and GH¢101.57million 17.5% seven year bond also listed, both first time.
  • The Capital requirement of Licensed Dealing Members (LDMs) changed from GH¢100,000 to GH¢1million in December 2013. Have up to March 2014 to comply.
  • New Market dedicated for small and medium size companies and start-ups (Ghana Alternative Market) took off. Two companies have accessed the Listing Support Fund already: Processed Food and Spices Ltd and Meridian Marshalls Ltd.
  • Efforts at Integration of West African Capital markets made good progress.



The Exchange expects:

  • To aggressively pursue listings on the Ghana Alternative Market (GAX) and the main market.
  • To intensify public education through various media.
  • To improve market efficiency and liquidity as well as assume greater transparency.
  • To complete the review of the GSE Rule Book.

Source: GSE



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