The GSE Composite Index advanced further by 43.16 points (+1.93%) due to gains in three financial and telecom counters to close at 2,277.37 with a 0.90% year-to-date return while the market capitalization increased by 1.08% to settle at GH¢57.39 billion.

Enterprise Group (-0.61%) and CAL Bank (-1.01%) were the laggards at the session. However, Ecobank Transnational (+12.50%) and Standard Chartered (+5.5.6%) advanced the GSE Financial by 35.92 points (+1.78%) to close at 2,051.45 with a +1.57% year-to-date return.

The SAS Manufacturing Index recorded no gains or losses for the sixth successive session, closing at 3,499.15 with a 0.51% year-to-date return.

MTN Ghana (+2.94%) summed up the gainers’ chart.

Trading activity waned as 497,715 shares valued at GH¢2,525,335 changed hands compared with 40,583,324 shares valued at GH¢27,702,378 at the previous session.

Societe Generale dominated trades by volume, accounting for 55.82% of total volume while Standard Chartered (85.53%) dominated trades by value, accounting for 85.53% of the total value traded.

We expect activity levels to increase at the next session.

Private Placement

Agricultural Development Bank Limited (GSE: ADB)

ADB and Serengeti Capital Markets Limited have announced the successful completion of a private placement of GH¢127 million of new equity (equivalent to approximately 18% of the newly issued share capital) with the support of its new shareholder, Ghana Amalgamated Trust (“GAT”).

Following the issuance of the new shares, the issued share capital of ADB will increase to approximately GH¢700 million. The total number of ordinary shares in issue will increase to 300,798,407 shares of no par value.

The new shares have been admitted to the main market of the Ghana Stock Exchange and rank pari passu to existing ordinary shares in ADB in all respects.