CAL Bank and MTN Ghana drive market to the upside

Business News of Saturday, 18 January 2020

Source: SAS Ghana


The GSE Financial Index was up 2.83 points (+0.14%) to close at 2,017.35

The benchmark index advanced by 13.48 points (+0.60%) on the back of upward price movements in CAL Bank (+10.00%) and MTN Ghana (+1.45%) to close at 2,257.45 with a 0.01% year-to-date return while market capitalization increased by 0.24% to settle at GH¢56.80 billion.

The GSE Financial Index was up 2.83 points (+0.14%) to close at 2,017.35 with a -0.11% year-to-date return while the SAS Manufacturing Index was unchanged at 3,499.15 with a 0.51% year-to-date return.

Trading activity weakened as 159,982 shares valued at GH¢265,867 changed hands compared with 201,812 shares valued at GH¢1,938,685 at the previous session. Enterprise Group dominated trades by volume and value, accounting for 93.64% of total volume and 92.41% of the total value traded.

We expect activity levels to increase at the next session.

Announcement of Merger

Dannex Plc has announced its Merger with Ayrton Drugs Manufacturing Limited (AYRTN) and Starwin Products Limited (SPL) and the approval by the Ghana Stock Exchange of the listing of the merged company, Dannex Ayrton Starwin PLC (DASPHARMA) on its official list.

The share exchange ratio to be applied in the Scheme of Amalgamation will be 3.13 Ayrton Share for 1 Dannex Ayrton Starwin Plc Share and 12.50 Starwin Shares for 1 Dannex Ayrton Starwin Plc Share.

Announcement of Agricultural Development Bank’s (ADB) Private Placement by Ghana Amalgamated Trust (GAT)

Agricultural Development Bank (GSE: ADB)

ADB has announced a Private Placement of 39,076,924 ordinary shares of no par value to GAT in order to raise GH¢127 million at a placement price of GH¢3.25 per share.

The equity injection of GH¢127 million is part of ADB’s recapitalization exercise and will support the holistic growth of the bank.