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Business News of Friday, 29 May 2020

Source: SAS Ghana

Manufacturing Index halts changeless streak after fourth session

The market capitalization decreased by 0.47% to settle at GH The market capitalization decreased by 0.47% to settle at GH

The benchmark index shed 24.31 points (-1.22%) due to downward price movements in three counters, Fan Milk (-0.29%), MTN Ghana (-3.33%) and Benso Oil (-5.66%) to close at 1,975.81 with a -12.46% year-to-date return.

The market capitalization decreased by 0.47% to settle at GH¢53.90 billion.

The GSE Financial Index remained unchanged at 1,840.80 with a year-to-date return of -8.86% while the SAS Manufacturing Index moderated by 9.77 points (-0.33%) to end its changeless streak after four successive sessions at 2,980.13 with a -14.40% year-to-date return.

Trading activity jumped as 10,100,023 shares valued at GH¢5,840,219.56 changed hands from 157,769 shares valued at GH¢59,604 in the previous session.

MTN Ghana dominated trades by volume and value, accounting for 99.06% of the total volume traded and 99.36% of the total value traded.

We expect trading activity to pick up as investors take advantage of bargain stocks.

Notification of Resignation of Managing Director

Intravenous Infusions PLC - (GSE: IIL)

IIL has announced the resignation of Mr. David Klutse as the Managing Director of the company effective 15th May 2020. The company also announces the appointment of Mr. Moukhtar Soalihu the Head of Finance as the Acting Managing Director.

Notification of Change of Directorship

Tullow Oil PLC (GSE: TLW)

Tullow Ghana has announced that Kweku Awotwi, Managing Director of Tullow Ghana, and Executive Vice President of Tullow Oil plc, will be retiring on 30th June. He will hand over his responsibilities to Wissam Al Monthiry who becomes Managing Director, Tullow Ghana and Cynthia Lumor, Corporate Affairs Director, over the coming weeks.