Stock Market opens week flat

The GSE Composite Index opened the week flat at 2,252.13 points with a -0.22% year-to-date return while market capitalization remained at GH¢56.74 billion.

Accordingly, the GSE Financial Index stayed at 2,007.45 points with a -0.60% year-to-date return while the SAS Manufacturing Index recorded no gains or losses for ten successive sessions, closing at 3,481.52 with a 00.00% year-to-date return.

Trading activity strengthened as 2,285,607 shares valued at 1,581,989 changed hands compared with 750,164 shares valued at GH¢558,138 at the previous session.

MTN Ghana dominated trades by volume and value, accounting for 98.45% of total volume and 99.57% of the total value traded.

We expect activity levels to increase at the next session.

Announcement of Merger

Dannex Plc has announced its Merger with Ayrton Drugs Manufacturing Limited (AYRTN) and Starwin Products Limited (SPL) and the approval by the Ghana Stock Exchange of the listing of the merged company, Dannex Ayrton Starwin PLC on its official list.

The share exchange ratio to be applied in the Scheme of Amalgamation will be 3.13 Ayrton Share for 1 Dannex Ayrton Starwin Plc Share and 12.50 Starwin Shares for 1 Dannex Ayrton Starwin Plc Share.

Announcement of Agricultural Development Bank’s (ADB) Private Placement by Ghana Amalgamated Trust (GAT)

Agricultural Development Bank (GSE: ADB)

ADB has announced a Private Placement of 39,076,924 ordinary shares of no par value to GAT in order to raise GH¢127 million at a placement price of GH¢3.25 per share.

The equity injection of GH¢127 million is part of ADB’s recapitalization exercise and will support the holistic growth of the bank.