Commerbank gives stock exchange another smile
Accra (Greater Accra), 26 March 2000
Ghana Commercial bank (GCB) gave the Ghana Stock Exchange (GSE) something to smile about again on Wednesday as its gain during trading lifted the bourse after Monday's dip.
The GSE All-Share Index gained 1.67 points on the back of GCB's 16-cedi gain that brought its share price to 851 cedis.
It was the only change during a dull trading session that saw only 16,200 shares changing hands.
The change for the year was also up at 2.61 per cent from 2.39 per cent on Monday.
The market went flat on Monday by losing 0.15 points after its dramatic performance last week when it gained a total of 12.35 points.
GCB sold 3,500 out of 4,400 shares on offer although bids were more than four times higher at 15,000 shares.
There was still no sale in AGC shares. Indeed, there was no bid although offers were 1,730 shares.
Total bids were lower at 50,700 compared with 81,100 on Monday. CFAO made the highest bid of 18,00 but there was no offer and therefore no trading. Offers were 487,630 compared with 588,800 shares. The biggest offer of 73,500 came from Peterson Zochonis (PZ), but there was no bid and no sale.
Market capitalisation was up at 3,235.71 billion cedis, up from Monday's close of 3.233.07 billion cedis.
The following are the last prices of listed equities in cedis:
ABL 470
AGC 18,700
ALW 2,487
BAT 460
CFAO 40
EIC 1,880
FML 935
GBL 1,450
GCB 851 +16
GGL 974
HFC 762
MGL 200
MLC 150
MOGL 14,500
PAF 294
PZ 800
SCB 19,500
SPPC 150
SSB 1,998
UNIL 1,848
UTC-E 125
CMLT 421
GRi
Daboase (Western Region), 16 March 2000
The proposed Pulp and Paper Mill to be constructed at Daboase in the Mpohor-Wassa District of the Western Region is hanging.
This is because the government cannot afford to raise money to establish the Mill due to pressure on its financial resources.
Mr Dan Abodakpi, Minister of Trade and Industries, made this known to the Board of Directors and Management of Subri Industrial Plantation Limited (SIPL) at Daboase on Tuesday after inspecting the plantation during the last stage of his two-day official visit of some selected industrial establishments in the Western Region.
He said although the government appreciates the importance of a pulp and paper factory in the country, the falling prices of cocoa and gold on the global market coupled with the continuous increase in the prices of oil have weakened the government's financial position.
Mr. Abodakpi therefore advised the shareholders of the company to pool their resources together to set up the mill since all investors who have shown interest in the project have failed to concretise their intentions.
Mr George Naah, Managing Director of the company, said the company was established by a consortium of banks in cooperation with the government.
These are the Ghana Commercial Bank (GCB), Agricultural Development Bank (ADB),
National Investment Bank (NIB) and the Social Security Bank (SSB) as well as the Social Security and National Insurance Trust (SSNIT) in 1985 to provide raw materials for the proposed pulp and paper mill.
He said at the moment, 5,000 hectares of Gmelina Arborea trees have been planted and are mature for production but the deadline set by the project appraisal report for the establishment of the paper and pulp mill had been extended by five years.
Mr Naah expressed concern that if steps were not taken to build the mill now there was the likelihood of some of the trees becoming unusable.
GRi