The Ghana Stock Exchange ended the first quarter of this year as the best performing stock market in Africa with an annual return of 14.62% in dollar term for investors.

The impressive performance of the market translated into an improved market capitalization of GH¢57.16 billion at the end of March this year.

The cedi’s strong performance has compelled investors to shift their interest to the stock market because they will accrue more return than investing in the dollar.

Nine companies appreciated in value as compared to five losers at the end of the first three months of this year.

MTN Ghana was the biggest gainer, appreciating in stock value by 32%.   It was followed by Soceite Generale (17.19%) and Total Ghana (11.3%).

The biggest loser was Unilever Ghana Limited with year-to-date depreciation of 26.95%, but analysts believe its performance will see a swift turnaround by the first half of this year. It is presently selling at GH¢6.06 per share.

On the continent, the Johannesburg Stock Exchange (12.03%) was the 2nd best performing stock market, whilst the Namibia Stock Exchange placed third (8.12%).