The market opened the week on a positive note, up 33.35 points (+1.42%) due gains in three counters in the beverage, telecom and banking sectors to close at 2,349.69 with a -8.65% year-to-date return. Market capitalization increased by 0.59% to settle at GH¢57.87 billion.
Fan Milk Ghana Limited (+14.43%) advanced by GH¢0.70 due to better adjusted Q2 results, pushing the SAS-MI up by 68.09 points (+1.73%) to close at 3,931.46 with a -15.51% year-to-date return.
Ecobank Ghana Limited (-0.59%) and GCB Bank Limited (-1.59%) declined, dragging the GSE Financial Index down by -5.82 points (-0.28%) to close at 2,051.41 with a -4.75% year-to-date return.
Trading activity strengthened as 22,189,725 shares valued at GH¢16,797,865 changed hands compared to 18,374 shares valued at GH¢22,479 at the last session. Scancom PLC (MTN Ghana) dominated trades, accounting for 99.52% of total volume traded and 95.96% of total value traded.
We expect increased activity in financial stocks due to outstanding bids at the next session.
Company in Focus
Produce Buying Company (PBC)
The Ghana Stock Exchange will with effect from Thursday, August 15, 2019 suspend the listing status of PBC Limited because PBC failed to publish its financial results since the end of its financial year September 2018. The non-publication is in breach of the continuing listing obligations under the GSE Listing Rules.
PBC also failed to redeem the Tranche P4 of its note program which matured on December 6, 2018.
Part VI of the GSE Listing Rules outlines that a listed company shall comply with the continuing listing obligations and disclosure policy. Failure to do so shall result in the imposition of sanctions by the Exchange. Specifically, Rules 13(4)(c) and 13(4)(e) of the Listing Rules empower the GSE to suspend listing or compulsorily de-list securities where the company has failed to comply, or is unable, or unwilling to comply for any reason whatsoever with the Exchange’s requirements on continuing listing obligations and also where the company has failed to comply with its Listing Agreement, or other agreements with the Exchange, or has failed to comply with the Exchange’s Rules and disclosure policy as set out in Parts VI and VII of the Rules.
Gainers & Losers
Top Trades by Volume