Market Index marks time due to inactivity

Kasapreko Company opens regional depot in Tamale

Accra (Greater Accra) 12 Oct. ’99

Inactivity on the Accra bourse on Monday saw the market index, the All-Share Index, marking time to begin the week at 763.58 points.

The index, slipped last week Monday, marked time at mid-week trading and inched up by 0.68 points on Friday.

Brokers at CDH Securities blamed the trend of affairs on high supply that has for some time now exceeded demand.

Supply far exceeded demand at 1.5 million shares compared to 13,800 shares demanded in the day's trading.

Mr Seth Aryitey, broker with CDH in an interview, said hitherto, the stock exchange was dominated by foreign investors but they are no longer actively involved in the market.

He said despite the fact that half year results for most of the companies are encouraging, domestic interest has also slowed down.

"What is happening now is that most domestic investors might have made enough capital gains, hence the need to off load their shares.

"This calls for an enhanced educational campaign to draw capital from the northern and other parts of the southern sector onto the market because most of the capital on the Ghana Stock Exchange (GSE) is found only in Accra.

He said this could be done by a collective effort by policy makers, brokers, the stock exchange and the securities regulatory commission.

"Our market, just like other African markets, is volatile and we need a continuous education to create awareness among the various Ghanaian publics, especially, local companies in the regions on the need to enlist on the market to mobilise the necessary capital, which is usually not available at the banks.

"Added to this, our market is not deep (that is the small number of listed companies) and the enlisting of more companies will bring about variety onto the market for investors to make choices".

Total shares traded closed the day's trading at 10,900 shares from Friday's closing of 103,800 shares.

Market capitalisation remained at 3,244.13 billion cedis.

In the broader market, there was no price change in any of the listed equities.

The following are the last prices of listed equities in cedis:

ABL 397

AGC 18,700

ALW 2,498

BAT 440

CFAO 40

EIC 1,880

FML 1,000

GBL 1,600

GCB 850

GGL 990

HFC 750

MGL 220

MLC 170

MOGL 15,990

PAF 290

PZ 800

SCB 19,750

SPPC 180

SSB 1,980

UNIL 1,870

UTC-E 125

CMLT 420

GRi../

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Tamale (Northern Region) 12 Oct. ’99

Mr. Joshua Alabi, Northern Regional Minister has welcomed the frequency at which indigenous private entrepreneurs are extending their services to the region.

He said if the trend continues it would enhance efforts to improve the socio-economic status of the region.

Mr Alabi was speaking at the opening of a new regional depot of Kasapreko Company, manufactures of alcoholic beverages, in Tamale on Saturday.

He said government views the private sector as an indispensable ally and artner in the development of the country.

Government has improved upon existing infrastructure, especially transport and communication facilities and undertaken legal and tax reforms in a bid to attract and encourage private sector investment so that the employment potential of the country can be collectively tapped.

It now behoves the private entrepreneurs to discharge their social and tax obligation to the state, the consuming public and the communities in which they operate.

Mr. Alabi called on the company to guarantee quality products since consumers are becoming sophisticated and increasingly enlighten about their rights.

He advised the public to change their attitude towards locally made products and to patronise them so as to help solve the unemployment problem in the country.

Mr. Hayford Adjei-Manu, Sales Manager of the company said that as a leading manufacturer of alcoholic beverages the company is committed to satisfying consumers with only good quality brands.

He said the company has embarked upon an aggressive marketing drive aimed at reaching every part of the country with their products. The Tamale depot is intended to be the gateway for access to consumers in the other parts of the three northern regions.

Mr. Adjei-Manu advised consumers to be wary of imitations of the alcoholic beverage so as not to fall victim to unhealthy and uncertified products.

GRi../

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