Home Finance Unit Trust Fund records ø3.67 billion income

Accra (Greater Accra) 03 June 2000

The Home Finance Company (HFC) Unit Trust Fund recorded 3.67 billion cedis as net income for December 1999 representing an increase of 25.1 per cent over the 1998 performance of 2.93 billion cedis.

Mr. Edusei Derkyi, Deputy Managing Director of HFC who, announced this at the Annual General Meeting of shareholders in Accra on Wednesday, said the HFC Unit Trust Fund value increased from 17.3 billion cedis in January 1999 to 25.3 billion cedis by December 1999. Within the period the number of unit holders rose from 3,914 to 4,815.

Mr Derkyi described the performance of the Unit Trust Fund, a subsidiary of HFC, as modest compared to that of 1998 saying this was due to the less than expected performance of the company's equity portfolio and the lower contribution from investment in the HFC Real Estate Investment Trust (HFC REIT), another subsidiary of HFC.

The net asset of the company valued at 21.0 billion cedis as against 15.2 billion cedis for 1998 although the average treasury bill yield was also below that of 1998.

Earlier in the day, the HFC REIT held its annual general meeting of shareholders at which Mr Asare Akuffo, Finance Director of HFC announced a drop in the net assets of HFC REIT from 8.6 billion cedis in 1998 to 5.4 billion cedis in 1999 while income for the company fell from 771,951,920 million cedis in 1998 to 696,419,677 in 1999.

Mr Akuffo said investment in real estate development takes a longer period to yield returns and gave the assurance that the companies projects at Baatsona and East Legon which have reached an advanced state of development would yield better results.

GRi../

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Guinness continues to dominate bourse under bearish sentiments

Accra (Greater Accra) 01 June 2000

Guinness Ghana Limited (GGL) continued to dominate trading on the Ghana Stock Exchange this week, selling 782,200 shares after 1.1 million shares on Monday in a cross offer.

Despite Guinness' impressive sale, traded shares crept lower to 849,300 from 1,152,600. Offers declined from 3,008,190 to 2,656,040.

Total bids closed mid-week down at 947,200 from 1,155,600. There was no bid in 10 of the 23 equities while, apart from Guinness, the highest bid of 92,100 was for Accra Brewery limited and the lowest of 300 for SSB bank.

On the general level, the All-Share Index, the main market indicator, remained the same at 812.57 points registered at Monday's close. The change year to date now stands at 10.38 per cent.

Total Market capitalisation remained at 3,556.59 billion cedis. In the broader market there were no price changes with 11 equities.

There was no positive pressure on any equity while 11 equities experienced negative pressure as bearish sentiments continued to dominate.

Below are the closing prices of listed equities in cedis:

ABL 530

AGC 18,600

ALW 2,600

BAT 440

CFAO 38

EIC 1,880

FML 1,000

GBL 1,400

GCB 978

GGL 975

HFC 910

MGL 200

MLC 150

MOGL 17,100

PAF 300

PBC 520

PZ 800

SCB 22,000

SPPC 150

SSB 1,990

UNIL 1,850

UTC-E 125

CMLT 422

GRi../

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