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Business News of Saturday, 23 May 2020

Source: SAS Ghana

Stock Market rebounds with Ecobank Ghana and MTN Ghana emerging as gainers

Accordingly, the GSE Financial Index advanced by 25.94 points (+1.45%)Accordingly, the GSE Financial Index advanced by 25.94 points (+1.45%)

Gains in Ecobank Ghana (+7.30%) and MTN Ghana (+3.39%) pushed the benchmark index up by 37.75 points (+1.90%) to close at 2,019.68 with a -10.52% year-to-date return while the market capitalization increased by 0.72% to settle at GH¢54.36 billion.

Accordingly, the GSE Financial Index advanced by 25.94 points (+1.45%) to close at 1,855.04 with a year-to-date return of -8.15%.

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

Enterprise Insurance (-6.83%), the sole decliner at the session closed at GH¢1.50.

A total of 352,400 shares valued at GH¢1,959,050 changed hands from 761,700 shares valued at GH¢1,229,850 in the previous session. Ecobank Ghana dominated trades by volume and value, accounting for 72.36% of the total volume traded and 97.46% 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.