Downward price movement in Access Bank (-13.89%), Cal Bank (-0.88%) and Ecobank Ghana Holdings (-0.38%) dragged the financial index down by 19.20 points (-0.76%) to close with a 9.75% YTD return. Manufacturing stocks recorded no change for the third straight session, closing with a -5.84% return YTD. Petroleum marketers, Ghana Oil Company (GOIL) and Total Petroleum (TOTAL) declined by GH¢0.12 and GH¢0.71 to close at GH¢3.20 and GH¢4.10, respectively.

Trading volume increased strongly, with 314,250 shares valued at GH¢964,970 changing hands compared to 64,922 shares valued at GH¢88,157 in the previous session. This represents a 384.04% jump in total volume traded and a 994.61% change in total value traded for the day. GCB Bank (GCB) dominated trading by both volume and value, accounting for 31.90% of total volume traded and 55.57% of total value traded.

The market was net offered with the aggregate bid/ask ratio closing at 0.3:1, same as in the previous session. Offers exceeded bids in Cal Bank Limited (CAL), Enterprise Group Limited (EGL), Starwin Products Limited (SPL), Intravenous Infusions Limited (IIL) and Republic Bank Ghana Limited (RBGH).

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Company in Focus

Scancom PLC (MTN Ghana, GSE: MTNGH)

MTN reported 21% growth in Profit After Tax for the first 9 months of 2018, from GH¢495.5 million for the period last year to GH¢599.9 million this year. The strong bottom-line was mainly supported by a 23% growth in Revenue (from GH¢2.49 billion last year to GH¢3.05 billion this year). The profit performance could have been higher but for a slight change in margins. Net Cash generated from Operating Activities has been significant this year, jumping 321% to GH¢2.83 billion from GH¢672.6 million in the first 9 months of 2017. The company accumulated a huge float of GH¢2.08 billion for e-wallets at period end this year, testament to its dominant and still growing leadership in the mobile money business. (MTNGH: up 20.00% YTD)

MTN has declared an interim dividend of Two Ghana Pesewas (GH¢ 0.02) per share. The ex-dividend date is Wednesday, 7th November, 2018. Only investors purchasing MTNGH shares before this date would be entitled to this dividend which is scheduled to be paid on Wednesday, 21st November, 2018.