Weekly Capital Market Update!!!
In what seemed to be a busy week, the stock market remained relatively stable compared to the previous week. The GSE Composite Index touched a year-to-date loss of 10.44%, up 132 basis points from the previous week.
The Financial Stock Index finished 21.11 points higher than the previous week as share price of GCB and ACCESS saw an upward push during the week.
Market capitalization also showed a relatively stable movement with an increase of 0.95% to settle at GH¢57.60 billion from GH¢57.06 billion a week ago.
During the week, the Ghanaian stock exchange saw Arise B.V. acquire 3,487,337,828 ordinary shares of Ecobank Transnational Incorporated (“ETI”) which were previously held by the International Finance Corporation (“IFC”, a member of the World Bank Group and investment funds managed by IFC Asset Management Company). The purchase price was GH¢0.10 per share and the shares represented 14.1% of the issued shares in ETI. This acquisition caused total shares traded for the week to be significantly high, compared to the previous week. The share price of ETI however, gained 10% to close at GH¢0.11 per share.
In a related development, uniSecurities Ghana Limited transferred 3,209,774 shares representing 53.71% majority stake in Samba Foods Limited (SAMBA) to Prime Insurance Company Limited.
High level liquidity that characterized the stock market this week was further highlighted by a block trade of 4.5 million shares of MTNGH on the first trading session. MTNGH gained 2.86% to close at GH¢0.72 by weekend to join the pack of gainers.
By close of week, shares of eighteen companies traded on the bourse which resulted in five gainers and six laggards. TBL traded 18,000 shares and saw a GH¢0.04 price appreciation to close at GH¢0.40 per share; thus leading the pack of gainers. On the contrary, investor confidence in the shares of SOGEGH was low as it lost 2.78% to close at GH¢0.70 per share.
In the news, ACCESS announced the resignation of some directors on the Board of the company
SIC announces for the information of the general investing public that, the Company’s 12th Annual General Meeting will be held at the College of Physicians and Surgeons, Accra on Tuesday, October 1, 2019 at 10 am.