Labour movement registers Insurance company

Stock market indicator closes lower

Accra (Greater Accra), 6^th July 99 -

Unique Insurance Company Limited, one of the businesses being promoted by Labour Enterprises Company (LET) of the TUC, has been licensed to commence business.

This was contained in a letter dated June 8,1999 signed by Mr S. T. Ampofo, Commissioner of Insurance, and addressed to the Chief Executive Officer of the Company.

Mr Ampofo wrote: "we are glad to inform you that the Board of Directors of National Insurance Commission at its meeting held on Thursday June 3, 1999 approved your application for registration.

"This means that your company is authorised to carry on insurance business in Ghana under section 15 of the Insurance Law 1989 (PNDCL 227) from that date of the Board's meeting."

The NIC congratulated Unique Insurance Company on its registration and said it hopes and expects that the new company would make a significant contribution to the country's insurance industry.

Commenting on the registration, Mr Denis Vormawor, Chairman of the Board of Directors of LET, said they are delighted at the confidence reposed in them by the NIC.

Mr Vormawor, who is also the Deputy Secretary-General of the TUC in charge of Administration, assured the NIC that the new insurance company would do its best to contribute positively to the development of the insurance business in Ghana.

GRi…/

Accra (Greater Accra) 6^th July ’99

The stock market on Monday opened trading on a sluggish note with the All-Share Index losing 0.16 points to close the day at 806.44 and analysts blamed the continuing slide of the index on lack of understanding of the play of market mechanisms.

A broker from Data Bank said in Accra that investors do not allow the forces of demand and supply to dictate the play on the market.

They rather panic when share prices decline and this is leading to the continuous fall of the index.

"The few institutional and foreign investors on the market cannot exceed the 74 per cent share allocated them," he said, adding that the needed funds from individuals to back the performance of the market is not forthcoming.

He said since 1996, there has been no listing adding, "perhaps what we need to boost the market is more listing of companies on the bourse".

The market index, the Ghana Stock Exchange (GSE) All-Share Index finished trading on Friday with a 0.48 point gain, but this was wiped off by a 15-cedi loss by Pioneer Aluminium Factory (PAF). There was no price gain.

Total shares traded were however, higher at 30,910 compared to Friday's 24,000 while bids also closed higher from 256,530 shares to 263,710 shares.

Shares posted on the bourse fell heavily from 2.7 million to 1.2 million shares.

Market capitalisation ended at 3,308.94 billion cedis lower than the 3,309.19 billion cedis registered on Friday.

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

ABL 600

AGC 18,700

ALW 2,600

BAT 380

CFAO 40

EIC 1,990

FML 1,250

GBL 1,879

GCB 1,000

GGL 925

HFC 750

MGL 220

MLC 200

MOGL 16,800

PAF 280 -15

PZ 850

SCB 22,000

SPPC 210

SSB 1,950

UNIL 1,730

UTC-E 125

GRi../