Major stock market indices mark time again
Ghanair boss appointed special adviser
Accra (Greater Accra) 29 June 2000
Mr Fred Nuer, Head of the Securities Discount Company, said on Wednesday that the Ghana Stock Exchange (GSE) performed better in the first six months of this year despite negative developments in the economy.
He said although the gains were marginal compared to the corresponding period of last year, it was because the odds against trading activities on the bourse were heavy.
Mr Nuer was speaking to the Ghana News Agency in Accra on the performance of the Exchange on Wednesday.
Total traded volumes during the period of January to June this year went up to 18.8 million compared with 18.03 million within the same period last year. In cedi terms the market recorded 28.2 billion as against 26.03 billion in the corresponding period of last year.
Mr Nuer said a major factor that had impacted negatively on the performance of the bourse was the depreciation of the cedi. This has eroded foreign investors' confidence in the activities on the bourse since most of them were making negative returns on their investments.
"Most of the foreign investors' have actually lost half their investments due to the depreciation of the cedi."
Mr Nuer said the absence of foreign investors has had adverse effects on trading activities on the bourse, adding that "they were the dominant force in the market since local demand has been very low."
He said the inability of the local investing public to participate fully in the activities on the bourse was due to the economic hardship most of them are going through now.
"In times of hardship, individuals prefer holding their money than investing it."
Mr Nuer said local institutions have also failed to invest because they see the risk-free Treasury Bill market as more attractive than investing in equities.
Touching on the idea of a regional stock exchange, Mr Nuer said it is a laudable since it would offer investors numerous investment opportunities to explore.
He, however, noted that for the idea of a regional bourse to succeed various structural reforms were needed in the economies of countries in the sub-region.
GRi../
Accra (Greater Accra) 29 June 2000
The major market indices of the Ghana Stock Exchange were unchanged at mid-week for the second time in as many trading sessions as the downturn in the fortunes of the bourse continues.
The All-share index, the major market indicator, was unchanged at 816.71 points. Trading was heavily dominated by bearish sentiments and there was no gain in the share price of any of the 23 listed equities.
There was negative pressure on 18 equities while the remaining five registered no pressure at all.
Trading was low-key with only five equities selling 26,100 shares, up from 10,100 at the previous session on Monday.
Market capitalisation was still at 3,564.37 billion cedis while the change for the year to date was also unchanged at 10.94 per cent.
Total shares offered dropped from 2.2 million to 1.8 million while bids equally fell from 93,500 to a low of 32,100.
Below are the closing prices of listed equities in cedis:
ABL 540
AGC 18,600
ALW 2,600
BAT 440
CFAO 38
EIC 1,880
FML 1,200
GBL 1,400
GCB 978
GGL 990
HFC 910
MGL 200
MLC 150
MOGL 17,500
PAF 300
PBC 520
PZ 800
SCB 22,000
SPPC 150
SSB 1,990
UNIL 1,849
UTCE 125
CMLT 422
GRi../
Accra (Greater Accra) 29 June 2000
Mr E.L. Quartey Jnr, Chief Executive of Ghana Airways, has been appointed Special Adviser to the Secretary-General of the African Airlines Association (AFRAA).
Ghana Airways quoted a release from AFRAA's headquarters in Nairobi, Kenya, as saying that the Special Adviser will be part of a strategic committee of nine members that will be established to assist the secretariat to examine issues on the future of the air transport industry in Africa.
It said the first mission of the committee would be to examine, together with the secretariat and its consultant, proposals for the restructuring of the association, which has been in existence since 1968.
Ghana Airways said the appointment of Mr Quartey is seen as recognition of the dynamism that he has put in the national airline since his appointment in
1998.
GRi../