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Business News of Thursday, 10 July 2003

Source: GNA

HFC posts highest return on Accra bourse

Accra, July 9, GNA - Mortgage Financier, Home Finance Company (HFC), Brewer Guinness Ghana Limited (GGL) and cigarette manufacturer, British American Tobacco (BAT) topped the best 10 gainers on the Ghana Stock Exchange, posting significant returns on shareholder value in the first-half of the year.

HFC, which has taken Union Bank of Nigeria as a major institutional investor, posted 172.25 per cent in the first-half of this year. The two are to acquire a banking license in Ghana this year. The Ghana Stock Exchange said in its first half-year report that GGL gained 169.52 per cent in share price during the period while BAT made 91.11 per cent.

SSB Bank and Ghana Commercial Bank led the pack in the Banking industry. The two gained 84.06 per cent and 79.19 per cent respectively. Standard Chartered Bank placed a distant seventh posting 53.31 per cent.

Mechanical Lloyd Company gained 72.59 per cent in share price from January to June this year.

Unilever made a modest gain of 49.93 per cent on its share price while Fan Milk Limited gained 40.45 per cent.

Enterprise Insurance Company posted only 30.43 per cent on its share price.

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