Details of CAL Bank Limited

Company Profile

SymbolCAL
Company NameCAL Bank Limited
Stated CapitalGH
Security
Nature of BusinessBanking and other banking-related activities
Date Incorporated28th April 2004
Comments
Date ListedNovember 5, 2004
Registered Office23 Independence Avenue, Accra, Ghana
Postal AddressP.O.Box 14596 Accra, Ghana
Tel0
Fax0
Emailcalbank@calbank.net
Websitewww.calbank.net
Types of Traded SecuritiesOrdinary Shares of no par value
Issued Shares(GH) (mil.)626.59
Authorised Shares1,000,000,000
DirectorsPaarock Van Percy - Chairman, Frank Brako Adu Jnr.- Managing Director, Philip Owiredu - Executive Director, Leonora Agyarko, Dr. Kobina Quansah, Malcolmn Dermott Pryor, Eduardo Guttiereez, Ernest Thompson,
Change of NamePreviously Continental Acceptance Limited and CAL Merchant Bank
Comments

Press Releases

July 2018

CAL has released the attached announcement for the information of the general investing public.

Issued in Accra, this 3 rd day of July, 2018.

June 2018

CAL has listed an additional 78,323,078 ordinary shares as a result of the Bonus Issue. This brings the total issued shares to 626,584,627.

Issued in Accra, this 18th day of June, 2018.

March 2018

CAL has released the attached announcement for the information of the general investing public.

Issued in Accra, this 22 nd day of March, 2018

November 2017

CAL has released the attached announcement for the information of the general investing public.

Issued in Accra, this 7 th day of November, 2017

October 2017

CAL has released the attached announcement for the information of the general investing public.

Issued in Accra, this 11 th day of October, 2017

May 2017

CAL has released the attached announcement for the information of the general investing public.

Issued in Accra, this 17 th day of May, 2017.

March 2017

CAL has released the attached announcement for the information of the general investing public.

Issued in Accra, this 31st day of March, 2017

CAL announces that the Bank’s Annual General Meeting will be held on Wednesday, 26th April, 2017 at the National Theatre at 10.00 am.

Attached is the notice of the meeting.

Issued in Accra, this 24th day of  March, 2017.

CAL has released the attached announcement for the information of the bank’s shareholders.

Issued in Accra, this 24th day of March, 2017.

February 2017

CAL has released the attached announcement for the information of the general investing public.

Issued in Accra, this 15th day of February, 2017.

 

March 2016

Final Dividend
CAL announces that the Directors of the bank have decided to propose to the shareholders a final dividend of GH¢0.097 per share in respect of its financial year ended December 31, 2015.  This is subject to shareholders approval at the bank’s Annual General Meeting.  The final dividend for 2014 was GH¢0.081 per share.

Qualifying date
All shareholders registered in the books of CAL at the close of business on Thursday, 24th March, 2016 will qualify for the final dividend.

Closure of Register
The Register of shareholders will be closed from Tuesday, 29th March, 2016 to Wednesday, 30th March, 2016 (both dates inclusive).

Ex-Dividend Date
In view of the foregoing, the ex-dividend date has been set as Tuesday, 22nd March, 2016. Consequently, an investor purchasing CAL shares before this date will be entitled to the final dividend.  However, an investor buying CAL shares on or after Tuesday, 22nd March, 2016 will not be entitled to the final dividend.

Dividend Payment Date
The final dividend will be paid on Tuesday, 3rd May, 2016.

Annual General Meeting
The bank’s Annual General Meeting will be held on Thursday, 31st March, 2016 at the Conference Auditorium of the Ghana College of Physicians and Surgeons at 10.00 am.

Issued in Accra, this 29th day of  February, 2016.

February 2015

Final Dividend
CAL announces that the Directors of the bank have decided to propose to the shareholders a final dividend of GH¢0.081 per share in respect of its financial year ended December 31, 2014. This is subject to shareholders approval at the bank’s Annual General Meeting. The final dividend for 2013 was GH¢0.053 per share.

Qualifying date
All shareholders registered in the books of CAL at the close of business on Monday, 23rd March, 2015 will qualify for the final dividend.

Closure of Register

The Register of shareholders will be closed from Tuesday, 24th March, 2015 to Thursday, 26th March, 2015 (both dates inclusive).

Ex-Dividend Date

In view of the foregoing, the ex-dividend date has been set as Thursday, 19th March, 2015. Consequently, an investor purchasing CAL shares before this date will be entitled to the final dividend. However, an investor buying CAL shares on or after Thursday, 19th March, 2015 will not be entitled to the final dividend.

Dividend Payment Date
The final dividend will be paid on Thursday, 30th April, 2015.

Annual General Meeting
The bank’s Annual General Meeting will be held on Friday, 27th March, 2015 at the Conference Auditorium of the Ghana College of Physicians and Surgeons at 10.00 am.

Issued in Accra, this 24th
day of February, 2015.

December 2014

CAL has released the attached announcement for the information of the general investing public.

Issued in Accra, this 29th day of December , 2014.

July 2014

CAL has released the attached announcement for the information of the general investing public.


Issued in Accra, this 10th
day of July, 2014

May 2014

CAL has released the attached announcement for the information of the general investing public.


Issued in Accra, this 20th
day of May, 2014

November 2013

CAL announces that Messrs. Ernest Benjamin Kakra Essamuah and Charles K. Asare have resigned from the board of the bank effective October 1, 2013 and October 17, 2013 respectively.


Issued in Accra, this 18th
day of November, 2013
CAL announces that with effect from October 29, 2013, the bank has terminated Dehands Services Ltd and appointed Veritas Advisors Ghana Limited as its Company Secretary. Contact details of the new company secretary are as follows:

Veritas Advisors Ghana Ltd
Don Levy House
Osibisa close
Airport, Accra Tel: (+233) 208140683

Issued in Accra, this 4th day of November, 2013.

August 2013

CAL has released the attached announcement for the information of the general investing public.


Issued in Accra, this 21st
day of August, 2013

February 2013

Final Dividend
CAL announces that the Directors of the bank have decided to propose to the shareholders a final dividend of GH¢0.035 per share in respect of its financial year ended December 31, 2012.  This is subject to shareholders approval at the bank’s Annual General Meeting.
 
Qualifying date
All shareholders registered in the books of CAL at the close of business on Friday, 22nd March, 2013 will qualify for the final dividend.
 
Closure of Register
The Register of shareholders will be closed from Monday, 25th March, 2013 to Tuesday, 26th March, 2013 (both dates inclusive).
 
Ex-Dividend Date
In view of the foregoing, the ex-dividend date has been set as Wednesday, 20th March, 2013. Consequently, an investor purchasing CAL shares before this date will be entitled to the final dividend.  However, an investor buying CAL shares on or after Wednesday, 20th March, 2013will not be entitled to the final dividend.
 
Dividend Payment Date
The final dividend will be paid on Tuesday, 30th April, 2013.
 
Annual General Meeting
The bank’s Annual General Meeting will be held on Wednesday, 27th March, 2013 at the Conference Auditorium of the Ghana College of Physicians and Surgeons, Ridge, Accra at 10.00 am.
 
Issued in Accra, this 18th           
day of February, 2013

October 2010

Our Press Release No. 260/2010 refers.

CAL’s ordinary shares of 4,800,000 were allocated to Kura Africa Fund at a price of GHS0.29 per share.


Issued at Accra, this 22nd
day of October, 2010

CAL has announced that in accordance with the Company’s regulations and as approved by shareholders at the Bank’s Annual General Meeting of March 28, 2010, that authorized the Directors to deal in the unsubscribed rights issue shares, the Directors on October 18, 2010 have approved an allocation of 4,800,000 ordinary shares to Kura Africa Fund.

This transaction increases the issued share capital of the Bank to 246,102,978.

Issued at Accra, this 22nd
day of October, 2010

March 2010

CAL has announced that at its meeting held on March 24, 2010 the Board of Directors formally appointed Mr. Paarock Van Percy, a member of the Board, as the substantive Chairman of the Board.


Issued in Accra, this 30th
day of March, 2010
CAL BANK LIMITED CAL - FINAL DIVIDEND AND CLOSURE OF REGISTER AND AGM NOTICE

Final Dividend
CAL has announced a final dividend of GH¢0.012 per share in respect of its financial year ended December 31, 2009.

Qualifying date
All shareholders registered in the books of CAL at the close of business on Monday, March 22, 2010 will qualify for the final dividend of GH¢0.012 per share which would be approved at the Annual General Meeting.

Closure of Register
The Register of shareholders will be closed from Tuesday, March 23, - Thursday, March 25, 2010 (both dates inclusive).

Ex-Dividend Date
In view of the foregoing, the ex-dividend date has been set as Thursday, March 18, 2010. Consequently, an investor purchasing CAL shares before this date will be entitled to the final dividend. However, an investor buying CAL shares on or after Thursday, March 18, 2010 will not be entitled to the final dividend.

Dividend Payment Date
The final dividend of GH¢0.012 per share will be paid on Friday, April 30, 2010.

Annual General Meeting
The bank’s Annual General Meeting will be held on Thursday, March 25, 2010 at the Ghana College of Physician and Surgeon at 10.00 am.


Issued in Accra, this 2nd
day of March, 2010

February 2010

CAL has announced the resignation of Mr. Robert Ahomka-Lindsay from the Company’s Board effective January 26, 2010.

The Board has therefore appointed Mr. Paarock Van Percy, a member of the Board, as the Acting Chairman.


Issued in Accra, this 1st
day of February, 2010.

January 2010

CAL has released its un-audited Financial Statements for the year ended December 31, 2009 as per the attached.


Issued at Accra, this 27th
day of January, 2010


CLICK HERE TO VIEW DETAILS
CAL has listed an additional 69,546,438 ordinary shares on the Exchange. This is as a result of the Rights Issue.

Issued at Accra, this 13th
day of January, 2010.

November 2009

NewWorld Renaissance Securities Limited, IC Securities (Ghana) Limited and CAL Brokers Limited, the managers’ of the CAL Bank Limited (CAL) Rights Issue have released the attached announcement for the information of the general public.

Issued at Accra, this 17th
day of November, 2009.


CLICK HERE TO VIEW DETAILS

October 2009

CAL has released its un-audited results for the third quarter ended September 30, 2009 as per the attached.
 
Issued at Accra, this 27th       
day of October, 2009.

September 2009

CAL has released the attached announcement for the information of the investing public.


Issued at Accra, this 2nd
day of September, 2009.


CLICK HERE TO VIEW DETAILS

July 2009

CAL has released its un-audited Financial Statements for the half-year ended June 30, 2009 as per the attached.


Issued at Accra, this 29th
day of July, 2009.



CLICK HERE TO VIEW DETIALS

March 2009

CAL’s Annual General Meeting will be held at the National Theatre, Accra on Thursday, March 26, 2009 at 10 am.
 
 
Issued at Accra, this 17th       
day of March, 2009.

Financial Statements

April 2018

CAL has released its un-audited Financial Statements for the first quarter ending March 31, 2018 as per the attached.

Issued in Accra, this 25 th day of April, 2018.

Attachment

March 2018

Results

CAL has released its Annual Report and Financial Statements for the year ended December 31, 2017 as per the attached.


Annual General Meeting
The Bank also announces that its Annual General Meeting will be held on Thursday, May 3, 2018 at the Conference Auditorium of the Ghana College of Physicians and Surgeons, Ridge, Accra at 10:00 am.

Issued in Accra, this 22 nd day of March, 2018

October 2017

CAL has released its un-audited Consolidated Financial Statements for the third quarter ending September 30, 2017 as per the attached.

Issued in Accra, this 20 th day of October , 2017.

July 2017

CAL has released its un-audited Consolidated Financial Statements for the half year ending June 30, 2017 as per the attached.

Issued in Accra, this 14th day of July , 2017

March 2017

CAL has released its Annual Report and Financial Statements for the year ended December 31, 2016 as per the attached.

Issued in Accra, this 28th day of March, 2017

 

July 2016

CAL has released its un-audited Consolidated Financial Statements for the half year ending June 30, 2016 as per the attached.

Issued in Accra, this 27th day of July , 2016.

April 2016

CAL has released its un-audited Consolidated Financial Statements for the first quarter ending March 31, 2016 as per the attached.

Issued in Accra, this 28th day of April, 2016.

March 2016

CAL has released its Annual Report and Financial Statements for the year ended December 31, 2015 as per the attached.

Issued in Accra, this 29th day of February, 2016.

October 2015

CAL has released its un-audited Consolidated Financial Statements for the third quarter ending September 30, 2015 as per the attached.

Issued in Accra, this 28th day of October , 2015.

July 2015

March 2015

CAL has released its Annual Report and Financial Statements for the year ended December 31, 2014 as per the attached.


Issued in Accra, this 11th day of March, 2015.

October 2014

July 2014

CAL has released its un-audited Consolidated Financial Statements for the half year ending June 30, 2014 as per the attached


Issued in Accra, this 29th
day of July , 2014

April 2014

CAL has released its un-audited Consolidated Financial Statements for the first quarter ending March 31, 2014 as per the attached


Issued in Accra, this 28th
day of April, 2014

October 2013

CAL has released its un-audited Financial Statements for the nine months ended September 30, 2013 as per the attached.


Issued in Accra, this 31st
day of October, 2013

April 2013

CAL has released the attached announcement for the information of the general investing public.


Issued in Accra, this 23rd
day of April, 2013
CAL has released its un-audited Consolidated Financial Statements for the first quarter ending March 31, 2013 as per the attached


Issued in Accra, this 22nd
day of April, 2013

April 2012

CAL has released its un-audited Consolidated Financial Statements for the first quarter ending March 31, 2012 as per the attached


Issued in Accra, this 24th
day of April, 2012

February 2012

CAL has released its un-audited Financial Statements for the year ended December 31, 2011 as per the attached.


Issued in Accra, this 1st
day of February, 2012

October 2010

CAL has released its un-audited Financial Statements for the third quarter ending September 30, 2010 as per the attached.


Issued in Accra, this 22nd
day of October, 2010


CLICK HERE TO VIEW DETAILS

April 2010

CAL has released its un-audited Financial Statements for the first quarter ending March 31, 2010 as per the attached.


Issued in Accra, this 27th
day of April, 2010


CLICK HERE TO VIEW DETAILS

Market News & Information

November 2015

REMARKS DELIVERED BY HON. MONA HELEN K. QUARTEY, DEPUTY MINISTER OF FINANCE ON THE OCCASION OF THE LISTING OF IZWE LOAN LIMITED GHS80 MILLION M MEDIUM TERM NOTE ON THE GHANA ALTERNATIVE MARKET (GAX), 14TH NOVEMBER, 2014, GHANA STOCK EXCHANGE (GSE) TRADING FLOOR AT 9:30AM

The Chairman of the Ghana Stock Exchange (GSE)
The Director General of the Securities and Exchange Commission (SEC)
The Managing Director of GSE
The Deputy Managing Director of GSE
The Chairman of IZWE Loan Limited
The Managing Director and Management of IZWE Loan Ltd
Members of the media,
Distinguished invited Guests,
Ladies and Gentlemen

1.    It is a great pleasure to be part of this landmark event. Today IZWE Loan Limited is listing GH¢ 80 MILLION MEDIUMTERM NOTE on the Ghana Stock Exchange (GSE). This is a remarkable achievement for us as policy makers and key stakeholders in the transformation of our financial sector. This listing is the first local currency-denominated corporate bond and an opportunity for us to use the newly launched GAX.

2.    Let me welcome IZWE Loan Ltd to the bourse and congratulate the Board, Management and staff for this important stride in the business. Special thanks to Lead Arrangers and all other related institutions for this transaction.

3.    I have been informed IZWE Ghana is part of a Pan-African Financial Services Group operating in Zambia, Kenya and South Africa. The Board and Management deserve special commendation for efficiently and effectively managing the company and issuing this bond in Ghana. We expect that this step will not only broaden the investment scope and diversify their portfolio with those in the fixed income market, but also lead to an enhanced liquidity of corporate bonds on the Exchange.
Mr. Chairman

4.    IZWE Loan Ltd listing on GAX today is a clear demonstration that the company is poised to meet the high expectations of investors and the general public. The Company will now be expected to set higher targets including higher returns on investment, profitability capital adequacy for itself. I therefore urge IZWE Loan Management and employees to continue with their zeal in providing quality services and improved financial performance to the satisfaction of all its Stakeholders.

5.    It is also noted that IZWE is currently serving over 35,000 customers in Ghana with loan book of about GH¢90million. The proceeds from the Notes are to be used to finance IZWE loan activities and manage its liquidity situation. Let me advise the managers of the fund to use the funds judiciously and for the set objectives. In this way, IZWE will be contributing immensely to the development of our capital market and the economy in general.

Distinguished Ladies and Gentlemen
6.    Government’s strategic direction is to expand opportunities for all and ensure an accelerated socio-economic transformation in partnership with the private sector. Through various reforms in the financial sector over the years, progress has been made in expanding the range of financing options for businesses seeking to raise capital. We are of the view that these options still remain narrow, dominated by the banking system which generally is only able to offer short-term financing and a limitation for medium to long-term financing.

7.    We therefore need to harness all resources towards the achievement of more robust, deeper and broader financial system. Developing the capital market will enable us attract the financing needed for critical investment for both Government and the private sector. In this regard, Government is working assiduously with other stakeholders to place the corporate bond market on a sustainable growth path.

8.    A vibrant capital market will help close the infrastructure gap, create wealth, unleash the creative potential of the people, inject efficiencies in the operation of public utilities and enterprises, and turn ideas into marketable products of global dimensions. The capital market as part of the financial system is therefore critical for our economic development process.

Mr. Chairman,
9.    The importance of Small and Medium Enterprises (SMEs) and their contribution to economic growth, social cohesion, employment and community development is acknowledged worldwide. This sector continues to play a vital role, as a tool for the economic empowerment of the poor. In Ghana, SMEs account for over 90% of business enterprises and continue to contribute largely to the creation of new jobs.

10.    It is estimated that SMEs provide about 85% of manufacturing employment, account for over 90% of existing businesses and are the primary driver for GDP growth. Broadly, SMEs contribute to economic diversification, employment creation, provision of basic goods and services, and generation of exports and tax revenues for our development process.

11.    It is gratifying to note that Government’s efforts in establishing the alternative Market, (GAX) has begun yielding positive results. The focus of GAX on start-ups and existing enterprises with the potential for growth is a step in the right direction. In addition, listing on the Exchange also bring enormous benefits. Let me note a few below.

•    Initial listings increase a company’s ability to raise further capital;
•    The Exchange facilitates transparency in transactions of listed securities in a competitive condition;
•    Reinforce the culture of equity ownership across the wider Ghanaian public;
•    Expand investment options for all Ghanaians; and
•    Improve corporate governance

12.    We therefore urge all other businesses to follow the foot prints of IZWE Ghana to use GAX as a medium to raise capital to finance new projects, undertake expansions, diversifications and for acquisitions.

Mr. Chairman,
13.    Government will continue to support this alternative market through various collaborative initiatives to improve infrastructure and create a conductive environment that will attract investors. The Government will also continue to issue and list bonds with a view to providing an important benchmark for other securities offered in the market.

14.    Currently, all indications signal a potential for growth in the securities market. The over subscription recorded in recent past securities issued both in domestic and global markets testifies to the huge potential in the sector that can be mobilized and channeled to fuel our economy. We therefore need to intensify our education and awareness campaign for potential investors and issuers as well as the general public.

15.    I wish to reiterate that the capital market and for that matter the Exchange remains the most appropriate source of capital and a trading platform for all businesses seeking to raise long term financing at a relatively lower cost for their operations. We need to rely on this alternative financing route to complement the financing from the banking system. In this way, the private sector will be able to play its role in the development process more meaningfully.

16.    Once again, I commend all stakeholders for this significant achievement in our financial sector development process. To IZWE Ghana, congratulation on a successful bond listing, and I wish you all the best as you forge ahead with your business.

Thank you all

April 2015

Meridian-Marshalls Holding Company Limited (MMH) was incorporated under the Companies Code, 1963 (Act 179) as a limited liability company on February 26, 2013 in Accra, Ghana. The company took over the entire shareholding of Meridian PreUniversity and Marshalls College. MMH provides career-oriented post-secondary education through its subsidiaries, Meridian Pre-University (MPU) and Marshalls College (Marshalls). MMH seeks to raise GH¢2,500,000 through the issuance of twenty-five (25) million new ordinary shares at GH¢0.10 per share and subsequently list on the Ghana Stock Exchange’s (GSE) Ghana Alternate Market (GAX).

Meridian-Marshalls Holding Company Limited - MMH - Prospectus

February 2015

Intravenous Infusions Limited (IIL) manufacturer of pharmaceutical products is offering for subscription of 153,307,500 ordinary shares of IIL at the price of GHS 0.12 per share on the Ghana Alternative Market (GAX) of the Ghana Stock Exchange (GSE).

The offer period commences on February 16, 2015 and ends on March 13, 2015. Listing of all IIL shares and first day of trading on GSE will be on April 8, 2015

IIL has released the attached announcement for the information of the general investing public.

January 2014

The Ghana Stock Exchange in 2013 experienced another outstanding performance of listed equities since its establishment in 1990. The GSE Composite Index which measures the performance of the entire market went up by 78.81%, obviously one of the best in Africa. In US dollar ($) terms it was up by 55% second to Malawi in Africa. The exceptional 2013 performance was buoyed largely by increased investor awareness and good operating results of many of the listed companies supported by the renewed investor confidence in the Ghanaian market and economy.
 

June 2013

The Ghana Stock Exchange with support from the Ministry of Finance, African Development Bank (AfDB), Venture Capital Trust Fund and the Securities and Exchange Commission (SEC) in 2012 commenced work for the introduction of a new market for small and medium scale enterprises (SMEs). This new market
known as the Ghana Alternative Market (GAX) is an innovative market operated by the GSE with focus on SMEs with high growth potential.

Pages 1 - 54
Details on pages 92 - 99

May 2013

The Ghana Alternative Market (GAX) is a parallel market operated by the Ghana Stock Exchange. It focusses on businesses with potential for growth. The GAX accommodates’ companies at various stages of their development, including start-ups and existing enterprises, both small and medium.

May 2012

In 2011, the Ghana Stock Exchange implemented some major changes in its trading activities. To complement the automated trading regime, the Exchange extended its trading hours to afford dealers increased contact hours with their clients during the trading day and also to afford non-resident investors in time zones different from Ghana, greater opportunity to reach out to their local brokers.

November 2011

The Ghana Stock Exchange (GSE) has announced the introduction of Rules for Exchange Traded Funds (ETFs). The said Rules have been approved by the Securities and Exchange Commission, Ghana. It is expected that the introduction of the Rules will pave the way for the admission of ETFs on the local stock market.

October 2011

Accra, Ghana, 20th September, 2011 – The Ghana Stock Exchange (the “Exchange” or “GSE”) and Fidelity Capital Partners Limited (FCPL) have signed an MoU in which the two organisations intend to work to promote the growth and future listing of companies, especially Small and Medium-sized Enterprises (SMEs) on the Exchange.

September 2010

Accra, Ghana 28 July, 2010 – Thomson Reuters is pleased to announce it has commenced feeds of real-time data from the Ghana Stock Exchange (GSE) increasing equity trading opportunities for its local and global clients.

MORE....

April 2010

FOREIGN players in Ghana’s high-potential telecoms, energy and mines sectors should list shares locally to .ensure Ghanaians reap some of the profits, the Deputy Managing Director of the Ghana Stock Exchange has stated.

February 2010

The patch that the market went through in 2009 resulted from the effect of the global financial crisis which began to be felt in the fourth quarter of 2008 and the fact that in 2009, the Exchange also effectively began migrating from paper certification to electronic book entry securities under our new automated Trading System.

November 2009

The Ghana Stock Exchange (GSE) has approved the application for Provisional Listing of Comet Properties Limited. The application was sponsored by Worldwide Securities Limited, a licensed dealing member of the GSE.

August 2009

INTRODUCTION:

The market continued to witness low trading volumes during the first half of 2009.

Aside the global economic crisis, the low activities can also be attributed to the somewhat slow process of immobilization of share certificates into the new depository system. This has to some extent slowed down activities as only shares in the depository are allowed to trade. It is expected that the trend will change when more investors dematerialize their paper certificates and the Ghanaian economic climate improves.

MARKET PERFORMANCE

Index
The GSE All-Share Index recorded a decrease of 48.00% to end the half year of 2009 at 5,423.98points. This is in sharp contrast to the 55.77% gain recorded during the same period in 2008. This means that during the half year to June 2009, the GSE All-Share Index was significantly below the interest equivalent on 91 day Treasury bills of 25.49%.

Turnover
Turnover recorded for the period under review was significantly lower than that for the same period in 2008. The half year to June, 2009 recorded a total volume of 41.47million shares valued at GH¢37.69million compared with a volume and value of 189.08million shares and GH¢196.53m respectively for the same period in 2008.

Active Shares
The ten most actively traded equities for the period January to June, 2009 contributed to total volume and values of trades recorded on the market. In volume terms, GCB continued to lead the pack contributing 28.87% to total volume traded, followed by SCB and CAL with 22.40% and 13.7% respectively. BOPP was fourth with 10.15% while FML, ETI, AYRTN, UNIL, SIC and UT, followed in that order with between 6% and 1% of total volume traded.

In value terms, SCB led the half year with a contribution of 39.33% to total value traded followed by GCB and UNIL with 24.87% and 9.04% respectively. Other companies including CAL, PZ, BOPP, FML, ETI and GGBL contributed between 5.74% and 0.99% to total value traded.

Market Capitalization
Market capitalization at the end of June, 2009 was GH¢15,279.49m (approx. US$10,465.40m) compared with GH¢15,587.76m (approx. US$15,133.74m) at the end of June 2008.

DEPOSITORY

The process of immobilizing share certificates into the GSE Securities Depository system continued to be vigorously pursued by the Exchange. The GSE Securities Depository Company Ltd (GSD) and the Exchange during the period under review consulted and collaborated with stakeholders, particularly Registrars, Dealers and Listed Companies in this regard. It is expected that the evidence of the positive results of the GSE automation will soon be significant as a good number of share certificates are deposited in depository accounts by existing shareholders and new accounts are opened by potential investors.

To facilitate this programme, all listed companies at their respective AGMs passed resolutions as directed by the Exchange to amend their company regulations in order to allow for the conversion of paper certificates into electronic securities. The Exchange and the GSD had the opportunity at these AGMs to speak to shareholders on the benefits of the Depository. So far the top ten with respect to the level of dematerialized securities are:

OUTLOOK

Although the impact of the global financial crisis is being felt in the Ghanaian economy, recent attention on Ghana from the international community as a result of the country’s relatively stable political environment in the sub-region, the visit by the US president, President Barack Obama and Government’s effort aimed at greater economic stability are indications that opportunities still abound for wealth creation and stability augurs well for both existing and potential investors on the stock market. Analysts also believe that the Exchange’s performance in this first half of the year presents an opportunity for stock market investments as shares are relatively cheaper at current prices.

May 2009

The stock market performance during the first quarter ending March 31, 2009 was not much different from the downward trend on most global capital markets. There were generally, low market activity characterized by low demands and large offers for listed securities resulting in a downward pressure on share prices.

October 2008

Golden Star Resources (GRS), a gold mining company listed on AMEX and Toronto Stock Exchange, was officially listed on the Ghana Exchange Stock on Friday, February 15, 2008, having completed a Ghanaian Offer for Subscription in which 1,881,630 shares were sold to the investing public at GH¢3.00 each raising GH¢5.64million.

Statistics