Upward price movements in three banking, insurance and telecom counters pushed the benchmark index up by 9.77 points (+0.42%) to close the session at 2,215.92 with a -1.83% year-to-date return while market capitalization increased by 0.18% to settle at GH¢56.75 billion.

Ecobank Ghana (-1.14%) moderated the GSE Financial Index by 3.84 points (-0.23%) to close at 2,013.39 with a year-to-date return of -0.31% despite gains in Standard Chartered (+0.16%).

The SAS Manufacturing Index recorded no gains or losses, closing at 3,232.95 with a -7.14% year-to-date return.

A total of 49,875 shares valued at GH¢59,503 changed hands compared to 295,864 shares valued at GH¢67,198 at the previous session. Ecobank Transnational dominated trades by volume, accounting for 42.91% of the total volume traded while Enterprise Group dominated trades by value, accounting for 45.47% of the total value traded.

We expect trading activity to pick up as investors await more earnings announcements.

Conversion of Subordinated Debt into Equity by Agricultural Development Bank Limited’s (ADB).

Agricultural Development Bank Limited (GSE: ADB).

ADB has announced the conversion of GH¢150 million subordinated debt into equity. The debt, owed to the Bank of Ghana, was converted at a price of GH¢3.25 per share, resulting in the issue of 46,153,846 new ordinary shares. The shares were issued in favour of Financial Investment Trust, a wholly-owned subsidiary of the Bank of Ghana.