Head of Research at Databank, Alex Boahen has attributed the increase in performance in trading activities on the local bourse to the impressive uptick in participation of local investors in the market.
Despite ending the first quarter of 2022 with a loss of 1.67 percent compared the 13.9 per cent recorded at end of 2021 first quarter, there has been an increase in activity on the market, recording a turnover of 301 million cedis compared to 153.40 million recorded for the first quarter in 2021.
Activities on the Ghana Stock Exchange (GSE) have witnessed a marginal improvement in the first quarter of 2022.
The report notes that comes on the back of growth in investor confidence due to strong earnings reported by listed companies – leading to an increase in activity on the market, recording 2,256 transactions
However, when compared to the same period in 2021, the GSE-CI had returns of 13.9 per cent at end of the first quarter.
Per the latest data released by the GSE, the local bourse traded volume and value were 214.97 million and GH¢237.14million, up 272.59 percent and 389.35 percent respectively compared to what was traded same period last year.
Collectively, volume of 280,656, 909 million valued at GH¢301, 850, 157.39 million traded for the year represent an increase of 39.68% and 96.77% over the same period last year
Subsequently, the local bourse saw its market capitalisation appreciate by 12 percent on a year-on-year basis to end the first quarter at GH¢64billion.
The market was driven mainly by the performance of financial stocks as measured by the Financial Stock Index (GSE-FSI) – which closed the period on a positive note with a return of 1.07 percent.
This was occasioned by gains in SIC (46.67 percent), ETI (30.77 percent), GGBL (6.13 percent), TBL (5.26 percent) and ACCESS (4.50 percent).
Source: citibusinessnews.com