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Business News of Friday, 22 May 2020

Source: SAS Ghana

Seven counters slide Benchmark Index while Manufacturing Index stays flat

Trading activity surged as 761,700 shares valued at GHTrading activity surged as 761,700 shares valued at GH

The benchmark index closed 14.86 points (-0.74%) lower due to seven financial, oil marketing and telecom counters to close at 1,981.93 with a -12.19% year-to-date return while the market capitalization decreased by 0.28% to settle at GH¢53.97 billion.

CAL Bank (-1.30%), Enterprise Group (-0.62%), Standard Chartered (-0.58%), GCB Bank (-0.22%) and Ecobank Ghana (-0.14%) edged the GSE Financial Index down by 4.86 points (-0.26%) to close at 1,829.10 with a year-to-date return of -9.43%.

The SAS Manufacturing Index recorded no gains or losses, closing at 2,989.90 with a -14.12% year-to-date return.

MTN Ghana (-1.67%) and GOIL Company (-0.62%) summed up the losers’ chart at the session.

Trading activity surged as 761,700 shares valued at GH¢1,229,850 changed hands from 35,910 shares valued at GH¢9,094 at the previous session. CAL Bank dominated trades by volume, accounting for 57.64% of the total volume traded while GCB Bank dominated trades by value, accounting for 43.15% of the total value traded.

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

Notification of Change Of Directorship

GCB Bank Limited (GSE: GCB)

GCB has announced that Mr. Samuel Amankwah, an Executive Director of the Bank is on compulsory retirement and has resigned from the Board of the Bank effective 4th May, 2020.

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.