The benchmark index recovered from a loss in the previous session, buoyed up by gains in two counters in the oil and telecommunications sectors. The GSE-CI climbed 8.75 points (+0.29%) to close at 3,048.99 with a 18.19% year-to-date return. Market capitalization went up by 0.13% to close at GH¢66.56 billion.

Performance was mixed across sector indices. Ecobank Ghana Holdings (EGH) dropped by GH¢0.22 to close at GH¢8.21, dragging the financial index down by 0.53% to close at 2,604.36 with a 12.71% year-to-date return.

Manufacturing stocks recorded no gains or losses for the second straight session, closing at the previous level of 5,597.82 with a -5.03% year-to-date return.

Trading activity increased with 734,067 shares valued at GH¢2,540,843.17 changing hands from 310,076 shares valued at GH¢703,120.92 in the previous session. This represents a 136.74% increase in total volume traded and a 261.37% jump in total value traded. Enterprise Group Limited (EGL) dominated trades by both volume and value, accounting for 68.21% of total volume traded and 59.91% of total value traded.

Market sentiment remained weak, with the aggregate bid/ask ratio closing at 0.4:1, same as the previous session as a result of continuous selling pressure in MTN Ghana Limited (MTNGH). We expect trading activity to pick up as the third quarter earnings season nears.

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Company in Focus

Guinness Ghana Breweries Limited (GGBL)

GGBL has announced that the Company’s Directors have recommended to the shareholders at the upcoming Annual General Meeting, the payment of a final dividend of GH¢0.0351 per share for the 2018 financial year.

The ex-dividend date has been set as Thursday, 8th November, 2018. Consequently, an investor purchasing GGBL shares before this date will be entitled to the final dividend. However, an investor buying GGBL shares on or after Thursday, 8th November, 2018 will not be entitled to the final dividend. The final dividend will be paid on Friday, 14th December, 2018.