You are here: HomeNews2016 12 20Article 495731

Business News of Tuesday, 20 December 2016

Source: GNA

GSE-Composite Index makes gains

Consumer Price Inflation (CPI) dropped marginally by 30 Basis Point 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 percent to close at GHC2.93 per share.

The Bank officially listed on the Bourse last Monday after a successful IPO which raised GHC325,784,952.70 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 GHC1.00 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 percent to close at GHC8.56 per share.

Unilever Ghana inched up by 0.1 percent to close at GHC8.51 per share despite the company reporting a decline of 12.9 per cent year-on-year to GHC23.9 million in nine months of 2016 compared to GHC27.5 million in nine months in 2015.