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GSE recovers strongly in October 2022; outlook positive

SIC (3.17%), GOIL (1.27%) and GCB Bank (1.27%) led activities on the Ghana Stock Exchange in the month of October as market activity picked up significantly.

The number of transactions also increased over the previous month, though the stock market still recorded a negative return for investors.

The GSE Composite Index and GSE Financial Stock Index recorded no change over the previous month, posting a year-to-date return of -11.80% and-3.80% respectively.

Volume and value traded were 21,344,190 (down 8.41%) and 150,057,248.42 (up 339.33%) compared to same period last year.

Also, the Ghana Fixed Income Market (GFIM) closed the month with 22.46 billion in volume traded, a 50.23% rise from the 14.95 billion traded the previous month.

The GFIM closed the month with a volume traded of 22.46 billion which was a 28.06% increase from the 17.54 billion traded same period last year. The total volume traded between January and October 2022 was 196.35 billion, which was 13.88% higher than the 172.41 billion traded during the same time period in the previous year.

Speaking in an interview with Joy Business, Head of Databank Research, Alex Boahene, said the market would end the year strongly despite the economic challenges.

“The companies that are listed on the market which last year were affected by Covid-19. These companies are recovering in terms of their operations and we think that is going to have some positive impact on the equity market as a whole. The equity market will offer investors some good opportunities. We also think that looking ahead the fixed-income market is also attractive”.

Source: Ghana News

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