On the contrary, the GSE-Composite Index gained as much as 0.9 per cent on a week-on-week basis as investors bought mainly banks, petroleum and consumers stocks.

In effect, the annual yield on the benchmark index inched to 34.6 per cent Nordea Capital Investment Stock Market analysis made available to the Ghana News Agency in Accra, on Monday revealed.

TOTAL Petroleum Company led the bull charge with an 11.5 per cent appreciation in its value as the stock closed at GHC6.00, while TOTAL recorded the highest capital appreciation, Ecobank Transnational Incorporated (ETI) was the top performer. 

The stock gained 10 per cent to close the fourth week of April at GHC0.22 per share. ETI by virtue of its huge size had a considerable impact on the market capitalization weighted index on the back of the price surge. 

ETI reported pre-tax profits of USD111 million up 48 per cent year-on-year, on revenue of USD465 million in first quarter of 2018 on the back of strong operating leverage driven by revenue contribution.

CAL Bank also rose by 6.5 per cent to close at GHC1.97 per share. CAL profit after tax reduced by 6 per cent to GHC32.1 million on account of slower growth in interest income.

Other significant gainers on the floor were, SIC Insurance which appreciated by 5.1 per cent to GHC0.41 per share. Ecobank Ghana also added (+1.7 per cent), Guinness Ghana (+0.4 per cent), GCB (+0.3 per cent) and Benso Oil Palm Plantation (+0.1 per cent).

Losses on the floor were limited to only four counters with the biggest loser being Societe Generale which lost 10.4 per cent of its market value as net interest income declined by one per cent which impacted profit after tax by 51.2 per cent to GHC21.9 million for first quarter of 2018. 

The other laggards were EGL (-9.4 per cent), GOIL (-1.8 per cent) and Standard

Chartered Bank (-0.3 per cent). CAL emerges as the most traded Stock.

The week witnessed one of the lowest turnover for the year despite a block trade in CAL Bank, which accounted for 64.2 per cent of turnover for the week.  The week closed with a total turnover of GHC3.8 million following the exchange of 1.9 million.   

Ecobank shareholders approve resolutions as Chairman hails improved outlook

Ecobank Transnational Incorporated (Ecobank), parent of the Ecobank Group, concluded its 30th Annual General Meeting in Lomé, Togo. 

Shareholders welcomed Ecobank’s return to profit for the year to 31 December 2017 as they approved all the resolutions at the AGM, which included the ratification of the co-option of Messrs Monish Dutt, Brian Kennedy and David O’Sullivan as Directors.

They were nominees of the International Finance Corporation, Nedbank Group and Qatar National Bank respectively. The firms Deloitte and Touche, Nigeria, and Grant Thornton, Côte d’Ivoire, were re-appointed as Joint Auditors for a one-year term.

Ghana Oil Company Limited (GOIL) the nation’s foremost indigenous Oil Marketing Company is to invest over GHC50 million in Cylinder Re-circulation Module.

GOIL said it planned to invest about GHC50 million in the new cylinder distribution programme expected this year. The Fund will be used to establish more distribution centres and LPG bottling plants across the country. 

Mr Patrick Akpe Kwame Akorli, GOIL’s Group Chief Executive Officer, at the company’s 49th Annual General Meeting in Accra, stressing that GOIL has been selected as one of the indigenous companies to lead in the implementation of the Gas and Cylinder Re-circulation Programme. 

To this end, Mr Akorli who is the Managing Director of GOIL, said the company has been mandated to build three gas filling plants in the country.

The Nordea Income Growth Fund was priced at GHC0.4874 with a year-to-date return of 20.58 per cent. Yields on treasury securities were mixed as the 91 day bill rose to 13.36 per cent from 13.33 per cent.

The 182 day bill however dipped from 13.89 per cent to 13.86