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Tag: Ghana Stock Exchange

  • Major sector indices stay flat while TOTAL inches Benchmark Index lower

    The benchmark index shed 0.54 points (-0.02%) to close at 2,177.87 with a -3.51% year-to-date return following a decline in the price Total Petroleum (-1.67%) while market capitalization stayed at GH¢56.18 billion.

    Major sector indices remained flat. The GSE Financial Index recorded no gains or losses, closing at 1,951.05 with a year-to-date return of -3.40% while the SAS Manufacturing Index was at 3,215.74 with a -7.63% year-to-date return for the thirteenth consecutive session.

    Trading activity strengthened as 40,291 shares valued at GH¢54,620 changed hands compared to 20,995 shares valued at GH¢17,814 at the previous session. Ecobank Ghana dominated trades by volume, accounting for 40.18% of the total volume traded while Total Petroleum dominated trades by value, accounting for 48.61% of the total value traded.

    We expect trading activity to pick up as investors take advantage of bargain stocks.

    Source: SAS Ghana

  • GSE expects more listings to boost bourse performance

    The Ghana Stock Exchange (GSE) on Friday said it expects more listings in equities and bonds to boost liquidity and enhance the performance of the bourse this year.

    It will also rely on technology for efficient trading on the exchange and ensure that Exchange play a significant role in providing access to funding for Small and Medium Enterprises for accelerated economic growth.

    Mr Ekow Afedzie, GSE Managing Director, who laid out the plans for 2020 at a press briefing in Accra, said the market was on course to achieve positive results in line with the strategic plan.

    One key issue is the plan to formalise the Over-the-Counter (OTC) trade, which though had been in existence was yet to be formalised, to help in the growth of the equity market.

    Mr Afedzie said trading and pricing rules had been reviewed, and approved for the future, adding that listing would be promoted aggressively to corporate bonds issuers.

    He said the exchange would introduce an electronic and pricing system by the third quarter of the year, adding that, the electronic platform would be for bonds, shares and securities of every kind.

    On the GSE Memorandum of Understanding recently signed with the London Stock Exchange, Mr Afedzie said the move was to support the GSE transistion from a frontier market to an emerging one.

    This, he said, would help boost investor confidence in the GSE and enhance trading activities in equities and also strengthen the bond market.

    “Three key things will happen: They are going to assist us to move or migrate from what we call the frontier market to an emerging market.

    “Once you become an emerging market, you will be more attractive to potential investors, especially the big institutional investors outside; secondly, we are going to work on how to develop the bond market, especially the local currency market; and thirdly, they will assist the SEC to implement the capital market development plan that has been developed”.

    Source: GNA

  • Benchmark Index starts week higher due to MTN and GOIL

    The benchmark index advanced by 10.95 points (+0.49%) as a result of gains in MTN Ghana (+1.45%) and GOIL (+0.57%) to close at 2,251.37 with a -0.26% year-to-date return while market capitalization increased by 0.20% to settle at GH¢56.74 billion.

    The GSE Financial Index tumbled by 2.57 points (-0.13%) due to Societe Generale (-2.78%) to close at 2,005.33 with a -0.71% year-to-date return while the SAS Manufacturing Index was unchanged at 3,499.15 with a 0.51% year-to-date return.

    Read: Review benchmark values, tax informal sector or forget meeting revenue target PwC tells govt

    Trading activity weakened as 29,280 shares valued at GH¢45,299 changed hands compared with 1,743,531 shares valued at GH¢1,231,646 at the previous session. MTN Ghana dominated trades by volume, accounting for 32.45% of total volume while Total Petroleum dominated trades by value, accounting for 39.74% of the total value traded.

    We expect activity levels to increase at the next session.

    Notification of Change in Directorship

    Read: 2020 Budget: Correct negative benchmark values reduction AGI

    Benso Oil Palm Plantation Limited (GSE: BOPP)

    BOPP has announced the following changes to the Board:

    1. The appointment of Mr. Benjamin Appiah-Manuh as an Executive Director of the Company with effect from November 8, 2019.

    2. Mr. Bini Kouakou Kossonou resigned from the Board on November 8, 2019.

     

    Source: SAS Ghana

  • GSE approves resignation of Cal Brokers from local bourse

    The Council of the Ghana Stock Exchange (GSE) has approved the resignation of Cal Brokers from its membership effective 13th December 2019.

    In a public statement, Cal Brokers said, “This is pursuant to section 7&8 of the GSE Membership Rules. This means that CalBrokers will no longer be a member of the Ghana Stock Exchange and will therefore no longer provide brokerage services.”

    IFC and Ghana Stock Exchange Ring the Bell for Gender Equality

    Cal Brokers Ltd last week communicated to the Ghana Stock Exchange (GSE) its decision to leave the brokerage business in Ghana and also announced its intent to resign from the membership of the GSE.

    In an earlier public statement to the GSE, Cal brokers noted, “This is to inform the Market and the General Public that pursuant to Section 7 & 8 of the Ghana Stock Exchange (GSE) Membership Rules, CAL Brokers Limited has informed the GSE of the decision of its Shareholder and Board of Directors of their intent to resign from the membership of the GSE and leave the Brokerage Business.

    Sources at the GSE say the decision by the company has nothing to do with any regulatory breaches but described the move as a normal business decision.

    I doubt ADB would delist from Ghana Stock Exchange GSE boss

    CAL Brokers Limited, a subsidiary of CAL Bank Limited is a local Licensed Dealing Member (LDM) of the Ghana Stock Exchange with a strong client relationship with major Ghanaian and offshore investors and significant experience in managing and executing stock exchange transactions.

    Source: Myjoyonline.com

  • Cal Brokers to exit stock exchange

    Cal Brokers is set to leave the Ghana Stock Exchange as it ceases its operations.

    A statement from the stock exchange indicated that the move is as a result of the decision of the Shareholder and Board of Directors who have announced their intent to resign from the membership of the GSE and leave the Brokerage Business.

    Read: Ghana Stock Exchange to transform to company limited by shares

    “This is to inform the Market and the General Public that pursuant to Section 7 & 8 of the Ghana Stock Exchange (GSE) Membership Rules, CAL Brokers Limited has informed the GSE of the decision of its Shareholder and Board of Directors of their intent to resign from the membership of the GSE and leave the Brokerage Business,” the statement from the GSE said.

    Meanwhile, the Council of the Exchange is expected to consider the application, and provide further information of an approved timetable for the cessation process.

    Cal brokers is described as a business which deals in securities and business activities relevant to such dealings, including subscribing for, underwriting, buying and holding of all kinds of Securities as principal and/ or agents and financial advisory services.

    The shareholder of the company is Cal Bank with Sam Bannerman-Wood and Thomas Boansi-Sarpong as Directors.

    Cal Brokers was incorporated on 29th March, 1994 and has since co-sponsored Cal bank limited unto the Ghana Stock Exchange.

    Read: Managing Director of Ghana Stock Exchange, Kofi Yamoah retires in October

    The company has a stated capital of 1.5 million cedis, above the regulatory requirement of one million cedis.

    The company has neither undertaken any mergers and acquisition nor has it been taken over throughout its operations on the exchange.

    Citi Business News understands that the exit means that the Central Securities Depository assumes custody of the customers until it is able to subsequently hand them over to other twenty remaining brokerage firms.

     

    Source: citibusinessnews.com

  • Stock market loses GH¢4.56 bn in capital in 9-months

    By the end of trading on Thursday, September 12, 2019, the Ghana Stock Exchange (GSE) had lost about GH¢4.56 billion of capital since the beginning of the year due to the bearish performance of the market.

    The market closed on Thursday with total market capitalization of GHc 56.95 billion and a year-to-date fall in the composite index (GSE-CI) of -12.27 percent, after opening the year with capitalization of GH¢61.51 billion.

    The GSE composite index (GSE-CI) continue to decline having recorded a year to date drop of -12.27 percent, and this included a -9.90 percent year to date decline for the financial stocks index (GSE-FSI), as at Thursday, September 12, 2019.

    Read:Ghana Stock Exchange to transform to company limited by shares

    Currently, the market seems to be in a free-fall, with no sign of recovery at the moment.

    The GSE Composite Index (GSE-CI) measures the weighted average price changes of all the equities listed on the market; and the GSE Financial Stock Index (GSE-FSI) tracks the weighted average price changes of financial services equities.

    The slowdown in the performance of the financial services industry has largely been attributed to the decline in the GSE-FSI.

    However, the decline in the GSE-FSI since the beginning of this year has not been as fast compared with the decline of the GSE-CI and so the data indicates there are other factors at work too.

    Read:Ghana Stock Exchange to leverage on mobile application for secondary trading

    An analyst with UMB stockbrokers, Mr. Ben Ackah indicated that the market is not expected to crawl back to a positive range in terms of the year-to-date figures any time soon.

    A positive position may be recorded, unless the market receives some new spectacular information, he stated.

    “Either too, I do not expect a significant decline, because a lot of the information out there has already been priced into the market, at the moment. That is why there has been the decline,” Mr. Ackah stated.

    As at the close of trading on Thursday, 21 stocks across the market had recorded drop in prices this year out a total number of 33 stocks. This includes seven stocks in the financial services sector.

    Source: goldstreetbusiness.com