Stock Market Report filed by SDC Brokerage, Accra

The market has not shown any sign of cooling off after its upswing in the second half of 1997. So far this year, GSE All-Share Index has risen by 85.38%.

From a record high of 511.80 points at the end of 1997, the market index is nudging 948.80 points as at the close of the April 9,1998. The sharp upturn of 85.38% as at the April 9, 1998, is 43.29% points higher than (on a strict percentage basis) the growth of the index in 1997.

The growth of the Index was on the back of strong gains posted by FML 190.1%, PZ 174.2%, HFC 146.8%, SPPC 146.8%, SSB 116.5%, GGL 107.7% among others. Given the favourable outlook of the economy and appreciate growth in corporate earnings we are of the opinion that the surge in the market is likely to continue in the second quarter.

SSB Bank Ltd

Ghana Commercial Bank Ltd

Home Finance Company Ltd

Fan Milk Ghana Ltd

Pioneer Aluminium Factory

Mobil Oil Ghana Ltd

Guinness Ghana Ltd

(This selection is expected to produce the best performance within

the next twelve months).

THE BUDGET AND ECONOMIC POLICY FOR 1998