HFC commended for good performance

Accra (Greater Accra), 9 Feb. '99 - The Ghana Stock Exchange has commended Home Finance Company (HFC) Limited for its good performance last year when it topped the 21 listed equities on the market. A letter by the Managing Director of GSE, Mr Yeboa Amoa, to the Managing director of HFC Mrs Stephanie Baeta Ansah said market appreciation of HFC shares for 1998 was 219.1 per cent. "This was the highest among listed equities on the exchange for the same period." HFC's shares have risen from the initial price offer of 100 cedis to 750 cedis last year. It was 235 cedis at the end of 1997. The letter said apart from being the only corporate debt instrument on the market, HFC Housebonds also did well last year. "The volume of units traded in the HFC series A, B and C Bonds in 1998 totalled 51,945 valued at 5.297 million dollars." The letter said these achievements are a measure of the tremendous investor confidence which the company enjoys, undoubtedly due to its efficient management. GSE was adjudged the best performing stock market on the continent, the letter said, adding that ''undoubtedly, your company's performance was one of the strong underlying reasons for this great achievement.'' Standard Chartered Bank was the second best listed equity gaining 196.3 per cent on its value. It was followed by PZ (176.9 per cent), Enterprise Insurance Company Limited (151.6 per cent), Fan Milk Limited (125.4 per cent ), Pioneer Aluminium Factory Limited (123.4 per cent), Mobil Oil Ghana Limited (106.6 per cent), Ghana Commercial Bank (62.5 per cent), Super paper Products Company Limited (58.9 per cent) and Unilever Ghana Limited (45.5 per cent.)