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Stocks

GSE to gain 12% return in 2023 – Report

The Ghana Stock Exchange (GSE) could gain 12% return in 2023.

According to Databank Research, the market will return to the positive trajectory after ending 2022 as the worst performing stock market in Africa.

“From the perspective of technical analysis of the stock market, we forecast the GSE-CI [GSE Composite Index] to close full-year 2023 at around 2,740 points, translating into an expected annual gain of 12.00% (±500bps)”.

It explained that most investors will favour stocks of high-quality companies with good fundamentals, defensive quality and reasonable pricing power.

These stocks, it said, can provide investors with consistent dividends.

Among these favourites are MTN Ghana and the Oil Marketing Companies.

The research firm also expects agro processing firm, Benso Oil Palm Plantation (BOPP) to do well this year, continuing its good dividend payout history.

The stock market has since this year recorded about 1.46% return in cedi term for investors.

However, in dollar term, the exchange has recorded a negative return. This is due to the year-to-date loss of the cedi to the dollar.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.