Business News of 2014-01-16

Kosmos shuns listing on GSE

American oil and gas exploration and production company, Kosmos Energy, which had initially indicated its interest to list on the Ghana Stock Exchange, has shelved the idea due largely to the changes in the top hierarchy of the company.

Kosmos’ listing on the exchange, “for some of us, is on the back bench,” said Managing Director of the exchange Kofi Yamoah.

Reviewing activities on the bourse last year, Mr. Yamoah said 2013 was generally a good year for the exchange, with a total of 313 million shares traded—an improvement over the 218 million traded in 2012. The value traded amounted to GH¢465 million.

Total market capitalisation for last year was GH¢61 billion, with domestic market capitalisation accounting for GH¢12 billion.

“Trading activity on the exchange was buoyant and is the highest since the inception of the exchange in spite of the challenging macro conditions,” Mr. Yamoah said.