GSE-Composite Index makes gains
Consumer Price Inflation (CPI) dropped marginally by 30 Basis Point (BPS) to 15.5 per cent in November due to lower charges for utility and services, Nordea Capital stock market analysis made available to the Ghana News Agency in Accra on Monday stated.
According to the Nordea Capital market analysis the marginal drop in the CPI is the lowest rate in 28 months and the second consecutive decline in the rate.
Nordea Capital explained that Investors responded by bidding up equities on the bourse, as sentiments tilted towards optimism; consequently the benchmark GSE-Composite Index rose by 0.5 per cent to close at 1,579.1 points.
Nordea Capital is an investment bank licensed by the Securities and Exchange Commission and offers a comprehensive range of services in asset management, research and strategy, corporate finance and private equity to institutional, corporate and private clients.
Agricultural Development Bank led the gainers by appreciating 10.6 per cent to close at GH₡ 2.93 per share. The Bank officially listed on the Bourse last Monday after a successful IPO which raised GHS 325,784,952.70 with a subscription level of 84.90 per cent.
It is one of the largest transactions ever undertaken on the GSE. ADB thus becomes the fourth largest bank by market capitalisation on the GSE.
Ghana Oil Company Limited (GOIL) rose by 1.0 per cent to close at GH₡ 1.00 per share.
GOIL has announced its strategic oil industrial revolution roadmap to ensure the company dominates the downstream oil sector in 2017; and the company’s plans would focus on the 13.5 million litre Marine Oil tanks at Takoradi Harbour and gain control to supply fuel to the mining, oil exploration and production, road construction and shipping companies.
According to Nordea Capital, Standard Chartered Bank gained 0.7 per cent to close at GH₡ 8.56 per share. Unilever Ghana inched up by 0.1 per cent to close at GH₡8.51 per share despite the company reporting a decline of 12.9 per cent year-on-year to GH₡ 23.9 million in nine months of 2016 compared to GH₡ 27.5 million in nine months in 2015.
Source: GNA