MTN drives Benchmark Index while Financial Index moderates

Market Summary

The benchmark index was up 19.02 points (-0.91%) due to MTN Ghana (+3.13%), closing the session at 2,102.74 with a -6.84% year-to-date return while the market capitalization increased by 0.36% to settle at GH¢55.22 billion.

Financial counters were amongst the laggards. CAL Bank (-1.28%), Societe Generale (-1.54%) and GCB Bank (-2.00%) edged the GSE Financial Index lower by 6.62 points (-0.35%) to close at 1,876.75 with -7.08% year-to-date return.

Meanwhile, the SAS Manufacturing Index stayed at yesterday’s level of 3,192.63 with a -8.30% year-to-date return.

Total Petroleum (-4.00%), the major decliner summed up the losers’ chart at GH¢2.40.

Trading activity weakened as 19,607 shares valued at GH¢28,513 changed hands from 14,307,206 shares valued at GH¢9,180,920 at the previous session. Total Petroleum dominated trades by volume and value, accounting for 39.67% of the total volume traded and 65.54% of the total value traded.

We expect trading activity to pick up as investors take advantage of bargain stocks.

Annual General Meeting

GCB Bank Limited (GSE: GCB)

GCB has given notice that its Annual General Meeting (AGM) scheduled for 29th May 2020 has been put on hold.

The Bank's decision to put the AGM on hold is a way of responding to the risk associated with the Covid-19 pandemic and the current state in the country.

Unilever Ghana Limited (GSE: UNIL)

UNIL has announced that its Annual General Meeting scheduled for Thursday, May 14, 2020, has been put on hold until further notice.

Their decision is in compliance with the Directive on public gatherings issued by the President of the Republic of Ghana and the Ghana Stock Exchange as a result of the COVID-19 pandemic on the 15th and 16th of March 2020 respectively.