Trading on the Ghana Stock Exchange (GSE) for the first quarter of 2020 recorded the highest results as compared to the same period last year.
Managing Director of the Ghana Stock exchange, Ekow Afedzi has disclosed to JoyBusiness that despite fears that the coronavirus pandemic will disrupt the economy, trading on the stock market has witnessed the best performance so far.
This he attributes to measures taken by the exchange to automate most of its activities without a physical appearance at the trading floor.
Comparing the performance to the same period last year, Ekow Afedzi said 2020 first quarter has been a good year for the market.
Even though share prices are experiencing some reduction as a result of selling pressure, the equity market traded GH¢128.90 million from January to April this year as against GH¢49 million recorded last year in volumes.
Value traded for the period was GH¢99.20 million as compared with GH¢72.10 million for the same period last year.
According to the Managing Director, the market has witnessed an active growth that is beneficial to investors and shareholders.
“The market has experienced the greatest movements ever in the history of the exchange for every first quarter,” Ekow Afedzi said.
In the bonds market, the stock exchange witnessed GH¢31.60 billion volumes in the first quarter of the year, an increment of more than fifty per cent of the figure recorded for the first quarter of last year which stood at GH¢15.58 billion.
“GSE has the capacity to operate its entire activities remotely without visiting the market floor,” Mr Afedzi added.
Meanwhile, he has admitted that some share prices have dropped as a result of certain measures taken by the government and regulators to control the impact of the pandemic.
Investors in the banking sector appear to be one of the biggest victims of the measures.