Stock Exchange traverse national frontiers

 

18 – 11 – 2002: - Gambian bank on Ghana Stock Exchange

18 – 11 – 2002: - Gambian bank's gain pushes Accra bourse up

 

 

Gambian bank on Ghana Stock Exchange

 

Accra (Greater Accra) 18 November 2002- The Ghana Stock Exchange made history on Friday when Trust Bank Limited (TBL) of the Gambia listed on the bourse in the first cross-border listing within the ECOWAS sub region.

 

TBL the second largest bank in the Gambia is putting onto the bourse 30 million ordinary shares with a par value of one Dalasi, the equivalent of about 423 cedis, to become the 24th company on the Exchange's official lists for equities.

 

Trust bank will trade on the first list of the Ghana Stock Exchange and will be allowed to trade over the counter in the Gambia.

 

The bank quoted an initial share offer price of 10 dalasi, an equivalent of 4,100 cedis. Brokers showed interest in the shares to push the price at its first trading to 4,400 cedis.

 

The Bank hopes through the listing on the Ghana Stock Exchange to gain recognition in the world's financial market, expand its capital base and the liquidity for its shareholders as well as get a better share pricing in the formal market than what pertains in a over-the-counter environment.

 

The Gambia currently has no Stock Exchange.

 

Mr Francis Tweneboa, Managing Director of the Ghana Stock Exchange, said the listing did not only meet the vision of ECOWAS but also signalled the practicality of a unified financial market for the sub-region.

 

He appealed to the government to assist to position the exchange on a sound pedestal to be able to attract many such cross-border listings as well as investors into the market.

 

Mr Tweneboa said the automation of the operation of the exchange was one of the critical areas where government assistance would be required.

 

"The project will be of immense benefit to the national economy and pave the way for integration with other stock markets in the West African sub-region," he said. "Funding support for the installation of the essential system is the principal limiting factor," he added.

 

The World Bank cancelled a 1.425 million-dollar support for the automation project after it had run for two years, citing adverse macro-economic behaviour, which it said, could not underpin the project's viability.

 

The two other markets in the sub-region, Bourse Regionale des Valeurrs Mobiliers of Ivory Coast and the Nigerian Stock Exchange, are fully automated. Mr Ken Ofori-Atta, Executive Chairman of Databank Brokerage Firm and Board Chairman of TBL, said his firm had over the years chalked successes in capital market.

 

He said this transaction is one of the best and expressed the hope that government and the business community would support them to build a good and vibrant financial sector.

GRi…/

 

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Gambian bank's gain pushes Accra bourse up

 

Accra (Greater Accra) 18 November 2002 - A 400-cedi gain by The Trust Bank Limited (TBL) of the Gambia, which was listed on the Ghana Stock Exchange (GSE) on Friday pushed the Accra bourse up by 5.99 points.

           

The bank, which is the 24th equity to list on the Accra bourse, has a market capitalisation of 123 billion cedis. It opened trading at 4,100 cedis and sold the highest number of shares for the day (21,000) to register a closing price of ¢4,500.

 

This pushed the All-Share Index to close the week's trading at 1,357.38 points from 1,351.39 points. Despite the entrance of the equity on the bourse, total shares traded dropped to 51,500 shares from 139,700. The change in the year is 41.99 per cent while the market capitalisation closed trading higher at ¢5,097.72bn from ¢4,962.43bn.

 

There were six price changes - all positive. TBL gained ¢400 to close trading at ¢4,500 while Fan Milk Limited (FML), Guinness Ghana Limited (GGL), Standard Chartered Bank (SCB), SSB Bank (SSB) and Unilever Ghana (UNIL) all gained one cedi each.

 

FML ended at 1,771 cedis, GGL closed at 1,012 cedis, SCB closed at 28,001, SSB Bank ended at 3,959 cedis and UNIL closed at 4,651 cedis.

 

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

ABL                        380

AGC                  18,807

ALW                   3,700

BAT                     1,001

CFAO                      67

EIC                      4,600

FML                    1,771                       +1

GBL                        500

GCB                    3,510

GGL                    1,012                       +1

HFC                       955

MGL                       254

MLC                       270

MOGL               19,721

PAF                        750

PBC                        390

PZ                        2,000

SCB                   28,001                       +1

SPPC                      387

SSB                     3,959                       +1

SWL                       285

TBL                    4,500                       +400

UNIL                   4,651                       +1

CMLT                    460

GRi…/

 

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