DOCSLIB.ORG

Quarterly Financial Markets Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Quarterly Financial Markets Report Second Quarter 2016 Global Economic Highlights Highlighted by UK’s vote to leave the EU, weak demand, high unemployment levels, financial frailties and geopolitical risks, the global economic environment continued to be plagued by weakened growth prospects in the last three months. The late June U.K. referendum to leave the European Union sent shock waves across the globe, leaving global financial markets in turmoil. The equity markets fell sharply and the British Pound plunged 8.4% and 12.5% against the U.S. Dollar and Japanese Yen, respectively. The value of the British Pound against the US Dollar was at its lowest in the past 31 years. Reassurance on support from the central bank saw the economy enjoying some reprieve as the financial markets rebounded partially in fragments. With manufacturing growth stalling over the past year and construction figures weakening markedly in June, U.K. growth continued to be driven primarily by the services sector. The rate of Consumer Price Inflation (CPI) remained low at around 0.3% partly due to relatively subdued global demand growth. Both Standard & Poor’s, and Fitch on the back of the foregoing downgraded U.K’s credit ratings. With a lift from the European Central Bank’s stimulus cut, low energy prices and a rebound in consumer spending, figures from the 19-nation bloc were impressive before the Brexit, with GDP rising by 0.6% in Q1 2016 despite a backdrop of the global market turmoil at the start of the year. However, questions about the EU’s stability and the potential for an economic downturn after Britain’s surprise exit from the EU dominated the centre stage in the Eurozone at the end of the second quarter. The U.S. economy saw a modest improvement in the second quarter after the Q1 2016 lacklustre growth of 1.1%. The Purchasing Managers Index (PMI came in at 51.3, housing activity increased to 1,189,000 and retail sales showed a better growth of 0.6%, respectively. However, a string of disappointing reports on employment which grew by less than 200,000 for three consecutive months resulted in the U.S. Federal Reserve (Fed) failing to raise interest rates in June as anticipated. The negative interest rate adopted by the Bank of Japan (BoJ) early in the year seems to be working in their favour as the Yen continued to strengthen. Reports also identified an expansion in economic growth during Q1 2016; Gross Domestic Product (GDP) grew at an annualized pace of 1.7%, up from the -1.8% annualized rate in Q4 2015. It was not all rosy for Japan as the 2.0% inflation target remained elusive. China’s economy continues to face daunting challenges but GDP impressively rose by 6.7% in Q2 2016 from a year earlier. Improved industrial output and retail data, as well as slowed investments suggest that the economy is responding to the transition from export and investment-led to consumer-led growth. Commodity Market Highlights A tepid global economic environment helped commodities bounce back during Q2 2016. Gold continued to increase in value, closing June at US$1,278.0 per ounce, up by 7.0% for the quarter and 24.0% since the start of the year. Oil prices were very volatile during the quarter, falling to as low as US$37.0 per barrel, then briefly touching US$51.0 per barrel and finally settling at US$48.57 per barrel by the end of Q2 2016; this provided a much needed boost to emerging markets. Significant outages of global oil supply especially from Nigeria, US and Canada contributed to rising oil prices during the quarter. Cocoa (ICCO) daily price averaged US$3,123.0 per tonne, up by US$49.0 compared to the average price of US$3,074.0 recorded in the previous quarter A Licensed Dealing Member of the Ghana Stock Exchange Domestic Economic Activity Improves Marginally The domestic economy registered some gains this quarter. It has been able to weather some of the challenges posed by the upward adjustment in the ex-pump prices of petroleum products earlier in the year, and its pass- through effect on food prices, utility tariffs, and the recurring energy supply challenges. The latest update of the Bank of Ghana’s (BoG) Composite Index of Economic Activity (CIEA) reflected some modest pickup in Q2 2016, although at a slower pace than the same period last year. Over the period, inflation slipped from 19.2 % at the end of March to 18.7 % in April: however, an upsurge in fuel prices saw inflation rise by 0.2% to 18.9% in May, but has since declined to 18.4 % in June on the back of reduced prices of non-food items. Selected Economic Indicators Indicator Q2 2016 Q1 2016 2015 2014 Revenue & Grants (% of GDP) - - 22.20 24.75 Tot. Expenditures (% of GDP) - - 26.70 28.30 Total Debt Stock (% of GDP) - 65.10 71.60 70.20 GDP Growth (%) - 4.90 5.00 4.00 Budget Deficit (GHS BN) - - 128.80 10.64 B. D. (% of GDP) - - 8.00 9.40 Gross Reserves (USD BN) - - 5.95 5.46 Gross Reserves (MOI) - 3.30 3.40 3.20 BoG Policy Rate (%) 26.00 26.00 26.00 21.00 Inflation (YOY %) 18.40 19.20 17.70 17.00 GHS/USD 3.92 3.83 3.79 3.20 GHS/USD - Depreciation (YTD %) -3.28 -0.90 -15.66 -32.45 91 Day Treasury Bill 22.79 22.60 22.90 25.81 GSE CI (YTD %) -10.40 -4.16 -11.77 5.40 Ext. Debt/GDP (%) - 38.70 42.80 39.40 Cocoa-Futures (£/tonne) 2299.00 2152.67 2256.33 1908.50 Gold (USD/ounce) 1321.00 1237.00 1160.10 1266.40 Oil- Brent- Spot (USD/Brl) 50.30 40.60 38.30 62.40 Source: Bank of Ghana, Ministry of Finance, Statistical Service, Reuters The Monetary Policy Committee (MPC) of BoG met twice over the period. At the end of its 70th and 71st meetings, the committee maintained the Policy Rate for the fourth time this year at 26.0%. Following a review of domestic and external economic developments during the first six months of the year, the MPC in arriving at its decision noted progress in inflation and other key indicators. Economic Indicators & Treasury Rates 28.0 (June 2012 -June 2016) 26.0 24.0 22.0 20.0 18.0 16.0 14.0 Rate (%) (%) Rate 12.0 10.0 8.0 Inflation Bog Policy Rte 91-Day 182-Day Source: UMBS Research, Statistical Service, Bank of Ghana 2 Quarterly Financial Markets Review Second Quarter 2016 Tight policy stance and improved inflows helped the local currency register some stability on the international forex market. As at the end of June, the Cedi had depreciated by 3.28 % against the US Dollar, compared to a depreciation of 26.05% in the same period last year. With the government aiming to sustain its fiscal consolidation through the International Monetary Fund (IMF) programme, GDP for Q1 2016 came in better at 4.9 % compared with the 4.5 % recorded the same period last year. Nevertheless, capping public debt proved difficult as the stock of public debt increased to GHS105.1 billion at the end of May 2016, representing 66.4% of GDP, as against GHS103.1 billion at the end of March 2016, representing 65.1%of GDP. The financial summary recently published by BoG also indicated a sharp swell in commercial banks’ Non-Performing Loans ratio (NPL) from 14.6% in January to 19.3% in May, and Capital Adequacy Ratio plunging to 16.6% in May from January’s 17.9%. This poses risks to banks as their exposure to credit risk weighs on their balance sheets. This effect may bear on business and reduce business and consumer confidence in the coming months. In other news, the regime of high interest rate and power cuts resulted in a number of companies laying off workers; this was underpinned by a survey conducted by the Institute of Economic Affairs, (IEA) who identified unemployment to be the economy’s biggest challenge. Stock Market Highlights Market Indicator Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 GSE Composite Index (CI) 1787.50 1912.02 1994.91 2,009.52 2352.23 Points Gain (Loss) -124.52 -82.89 -266.11 -342.71 -40.65 Percent Chg Y-T-D (%) -10.40 -4.16 -11.77 -11.12 -1.80 GSE Financial Index (FI) 1671.30 1823.93 1930.06 1,933.24 2222.15 FSI-Points Gain (Loss) -152.63 -106.13 -313.57 -288.91 -21.48 FSI-Percent Chg Y-T-D (%) -13.41 -5.50 -14.00 -13.83 -1.00 Volume of Trades (M) 25.22 36.76 84.75 36.63 36.03 Value of Trades (GHS MN) 75.13 42.61 77.78 49.96 54.47 Market Capitalization (GHS MN) 54,790.80 54,805.07 57,116.87 62,183.49 64,616.47 No. of advancers 3 7 9 6 9 No. of decliners 19 15 19 16 10 Source: UMBS, Ghana Stock Exchange Gainers Fan Milk (FML) was the lead gainer; up by 16% Aluworks (ALW) shareholders may be disappointed going another year without dividends, however a hopeful investment of US$25 million from Vedanta Resources, one of the world’s largest diversified natural resources companies helped the stock; it added 13% at the end of the quarter Attractive bargain prices compared to year open led to Ecobank Transnational Incorporated (ETI) also gaining 6% Jun-16 Mar-16 Equity Price (GHS) Gain (GHS) Change (%) Fan Milk Ltd (FML) 8.50 7.35 1.15 15.65% Aluworks Ltd (ALW) 0.09 0.08 0.01 12.50% Ecobank Transnational Inc.
Recommended publications
  • Clydestone Group Annual Report and Consolidated Financial Statements

    Clydestone Group Annual Report and Consolidated Financial Statements

    CLYDESTONE GROUP ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2016 Clydestone Group Consolidated financial statements for the year ended 31 December, 2016 Page Contents Reference Corporate information - Report of the Directors 2-3 Statement of Directors’ responsibilities 4 Report of the independent auditor 5 – 11 Financial statements: Consolidated statement of profit or loss and other comprehensive income 12 Consolidated statement of financial position 13 Consolidated statement of changes in equity 14 Consolidated statement of cash flow 15 - 16 Notes to the financial statements 17 - 43 Clydestone Group Financial statements for the year ended 31 December, 2016 Corporate information Directors Paul Jacquaye Robert Alloh Edward K.A. Amuh Tinawurah Satuh Company secretary Samuel Adjetey Registered office Adebeto Close North Labone P. O. Box CT 1003 Accra Independent auditor’s UHY Voscon Chartered Accountants No. C806/4, Boundary Road, Tudu, Accra Adjacent to City Paints Supply P. O. Box LA 476 La, Accra. Solicitors Alloh & Partners. P. O. Box NT 478 New Town, Accra Bankers Unibank Ghana Limited Fidelity Bank Limited UBA (Gh) Limited Firstrust Savings & Loans Limited Zenith Bank (Gh) Limited Registrars NTHC Limited Martco House P. O. Box KA 9563 Airport, Accra Ghana Report of the Group Directors to the Members of Clydestone Group The Group Directors have the pleasure in submitting to the shareholders their report together with the audited financial statements of Clydestone Group for the year ended 31 December, 2016. Nature of business The Group is engaged in Information and Communication Technology, specializing in payment systems-comprising Cheque Code Line Truncation, Transaction Processing and Switching Services to banks and independent service organisations system integration and outsourcing.
  • Market Review [H1-2017]

    Market Review [H1-2017]

    Half-Year Market Review [H1-2017] July 2017 Economic Overview GDP Growth: Aided by increased crude oil production, the economy expanded by 6.6 percent on year-on-year basis in the first quarter of 2017 compared to 4.4 percent in the same period in 2016. The non-oil sector GDP growth stood at 3.9 percent relative to 6.3 percent recorded for the same period in 2016. Economic growth has been weak since 2014, with GDP staying around 4 percent, due to lower prices for Monetary Policy Easing: The Bank of Ghana reduced commodity exports and a fiscal crisis. The government its policy rate by 300 basis points during the first half has projected a GDP growth of 6.3 percent in 2017. of the year citing positive inflation outlook and a Fiscal Deficit: Central government operations for the relatively stable Ghana cedi. The benchmark interest first half of the year was largely in line with targets in rate was lowered 200 basis points in March to 23.50 the 2017 budget. Fiscal operations for the first half percent and further lowered by 100 basis points in May resulted in a cash deficit of 2.7 percent of GDP, against to 22.50 percent. a set target of 3.5 percent, mainly due to expenditure controls even as revenue fell below target. Total Fixed Income Market expenditure stood at 23.0 billion cedis against a target of 27.6 billion cedis whereas total revenue and grants Yields on GoG domestic securities trended downwards stood at 17.5 billion cedis against a target of 20.5 during the first half of the year, signaling a drive billion cedis.
  • WEEKLY MARKET REVIEW 14 February 2020

    WEEKLY MARKET REVIEW 14 February 2020

    DATABANK RESEARCH WEEKLY MARKET REVIEW 14 February 2020 ANALYST CERTIFICATE & REQUIRED DISCLOSURE BEGINS ON PAGE 4 GSE MARKET STATISTICS SUMMARY Current Previous % Change Weekly Market Review DSI-20 Index 98.39 98.17 0.23% The equity market indices posted a weekly gain. The GSE-CI Level 2,203.63 2,196.72 0.31% Market Cap (GH¢ m) 56,625.40 56,553.66 0.13% benchmark composite index closed 0.31% higher at YTD Return DSI-20 -2.50% -2.73% 2,203.63 points, reflecting an improved YTD return of - YTD Return GSE-CI -2.37% -2.68% 2.37%. The DSI-20 Index also expanded 0.23% w/w to Weekly Volume Traded (Shares) 4,621,673 2,481,186 86.27% 98.39 points, representing a YTD return of -2.50%. Weekly Turnover (GH¢) 3,130,797 2,078,982 50.59% Avg. Daily Volume Traded The indices were lifted by gains in SCB (+0.21% w/w, 2,044,789 2,260,261 -9.53% (Shares) GH¢19.04), MTNGH (+1.52% w/w, GH¢0.67) and SIC Avg. Daily Value Traded (GH¢) 1,633,928 1,827,729 -10.60% (+12.50% w/w, GH¢0.09). However, the gains in the No. of Counters Traded 22 20 indices were limited by declines in EGH (-1.14% w/w, No. of Gainers 3 1 GH¢7.80), GGBL (-4.14% w/w, GH¢1.62), EGL (-2.44% No. of Laggards 4 6 w/w, GH¢1.60) and FML (-0.24% w/w, GH¢4.09).
  • THE DATABANK BALANCED FUND LIMITED 2010 Annual Report

    THE DATABANK BALANCED FUND LIMITED 2010 Annual Report

    AUDITED FULL YEAR REPORT 2010 THE DATABANK BALANCED FUND LIMITED 2010 Annual Report 1 THE DATABANK BALANCED FUND LIMITED 2ii AUDITED FULL YEAR REPORT 2010 THE DATABANK BALANCED FUND LIMITED Audited Full Year Report For The Period Ended December 31, 2010 1 THE DATABANK BALANCED FUND LIMITED 2 AUDITED FULL YEAR REPORT 2010 CONTENTS Notice of Annual General Meeting 04 Chairman’s Statement to Shareholders 05 Performance Summary 09 Portfolio at a Glance 10 Interview with your Fund Manager 11 Report of Directors 14 Report of the Auditors 15 Statement Of Net Assets 16 Statement of Assets and Liabilities 17 Income and Distribution Accounts 18 Statement of Movement In Net Assets and Issued Shares 19 Notes to Financial Statements 21 Custodian’s Report 26 Corporate Information 29 Directors and Officers Information 30 Proxy Form 34 This report shall not constitute an invitation to buy shares of the Fund. Subscriptions are to be made only on the basis of the current scheme particulars, accompanied by a copy of the latest available annual report, and if published thereafter, the most recent half year report. 3 THE DATABANK BALANCED FUND LIMITED NOTICE OF ANNUAL GENERAL MEETING Notice is hereby given that the 3rd Annual General Meeting of the shareholders of Databank Balanced Fund Limited will be held at the National Theatre, Accra, Ghana on Friday the 29th of July 2011 at 11:00a.m for the following purposes: 1. To consider the Directors’ Report and the Report of the Auditors for the year ended December 31, 2010. 2. To receive and adopt the Statement of Assets and Liabilities and Statement of Operations for the year ended December 31, 2010 3.
  • Weekly Market Watch Sic-Fsl Investment+ Research| Market Reviews|Ghana

    Weekly Market Watch Sic-Fsl Investment+ Research| Market Reviews|Ghana

    WEEKLY MARKET WATCH SIC-FSL INVESTMENT+ RESEARCH| MARKET REVIEWS|GHANA 4th August, 2016 STOCK MARKET ACCRA BOURSE CONTINUES RECOVERY PROCESS INDICATORS WEEK OPEN WEEK END CHANGE The Ghana Stock Exchange (GSE) continued its recovery process last week, as investors appetite in some Blue-Chip Market Capitalization stocks increase. Shares across multiple sectors like the (GH¢'million) 54,552.94 54,588.41 0.07% Market Capitalization Consumer Goods sector, Financial sector and the Petroleum (US$'million) 13,821.72 13,831.76 0.07% sector sustained the market’s recovery process. Key are the shares of Fan Milk Limited (FML), GCB Bank Limited (GCB) Volume traded (shares) 2,982,813.00 1,294,984.00 -56.59% and the Ghana Oil Company Limited (GOIL). Value Traded (GH¢) 10,170,973.29 5,849,161.50 -42.49% Key benchmark indices like the GSE Composite Index (GSE- Value Traded (US$) 2,576,952.37 1,482,076.09 -42.49% CI) went up to 1,793.27points from 1,787.01 points, to close Table 1: Market Summary at an improved year-to-date loss of 10.11%. Similarly, the INDEX ANALYSIS GSE Financial Stocks Index (GSE-FSI) and the SIC-FSL Top 15 Index (SIC-FSL T-15) also improved from their previous INDICATORS Closing Week YTD levels of 1,687.53 points and 3,146.23 points to 1,678.27 Level Change CHANGE points and 3,123.49 points respectively. Both, the GSE-FSI and the SIC-FSL T-15 closed the week at an improved year- GSE Composite Index 1,793.27 0.35% -10.11% to-date losses of 12.57% and 15.21% respectively.
  • Weekly Market Watch Sic-Fsl Investment+ Research| Market Reviews|Ghana

    Weekly Market Watch Sic-Fsl Investment+ Research| Market Reviews|Ghana

    WEEKLY MARKET WATCH SIC-FSL INVESTMENT+ RESEARCH| MARKET REVIEWS|GHANA 28th May, 2015 ACCRA BOURSE SOARS, DESPITE…! STOCK MARKET The excitement on the Ghana Stock Exchange (GSE) increased INDICATORS WEEK WEEK END CHANGE last week, as appetite for capital market investment improved. OPEN Indeed, recent corporate actions like the increases in petroleum Market Capitalization products and the worsening of the local currency were looked (GH¢'million) 64,440.64 64,575.13 0.21% upon to thwart market performance, however, the contrary was Market Capitalization (US$'million) 16,499.13 16,305.20 -1.18% true as players appeared unperturbed of current happenings, intensifying their bets on shares. Volume traded (shares) 2,590,114.00 1,395,992.00 -46.10% Shares of Ecobank Ghana Limited (EBG), Total Petroleum Value Traded (GH¢) 2,089,785.25 2,293,571.34 9.75% Ghana Limited (TOTAL), Enterprise Group Limited (EGL), Fan Value Traded (US$) 535,060.36 579,126.18 8.24% Milk Limited (FML) and Aluworks Limited (ALW) were the most Table 1: Market Summary sought after in the week. INDEX ANALYSIS In the end, all the major market indicators went up; with the INDICATORS Closing Week YTD GSE-CI closing last Thursday’s trading at 2,362.28 points, Level Change CHANGE representing a year-to-date change of 4.48% whilst the GSE- FSI also settled at an annual yield of 7.96% to close the week GSE Composite Index 2,362.28 1.06% 4.48% at 2,422.33 points. Also, the SIC-FSL Top 15 index (SIC-FSL T- SIC-FSL Top 15 Index 4,476.58 0.70% 13.53% 15) which measures the performance of liquid equities, posted the biggest returns on the market last week, closing at GSE Financial Stocks Index 2,422.33 1.25% 7.96% 4,476.58 points, which represented a return of 13.53%.
  • Ssnit Investments Series

    Ssnit Investments Series

    SSNIT INVESTMENTS SERIES SECOND EDITION INTRODUCTION This edition of the SSNIT Investments Series focuses on the Listed Equities Portfolio, one of the three sub-asset classes of the Equities Portfolio. Listed equity refers to ownership interests in companies whose shares are traded publicly on a Stock Market. The Trust currently has share interests in 23 out of the 37 companies listed on the Ghana Stock Exchange (GSE), with a total value of GH¢1.8 billion as at June 2017. A portion of the Trust’s shares in Tullow Oil Plc is also listed on the London Stock Exchange (LSE). The composition of the Trust’s Listed Equities Portfolio, also referred to as the SSNIT Stock Market Portfolio (SSMP), is shown in Table 1. Table 1: SSNIT Listed Equity Holdings # Company Ticker Shareholding (%) 1 Anglogold Ashanti Ltd. AGA 0.02% 2 Aluworks Limited ALW 62.62% 3 Ayrton Drug Man. Ltd. AYRTN 18.00% 4 Benso Oil Palm Plantation BOPP 4.31% 5 CAL Bank Limited CAL 33.18% 6 Cocoa Processing Co. Ltd. CPC 10.14% 7 Ecobank Ghana Ltd. EGH 16.21% 8 Enterprise Group Ltd EGL 6.22% 9 Ecobank Transnational Inc. ETI 3.86% 10 Fan Milk Limited FML 1.59% 11 GCB Bank GCB 29.89% 12 Guinness Gh. Breweries Ltd. GGBL 7.57% 13 Ghana Oil Co. Ltd. GOIL 25.00% 14 Golden Web Ltd. GWEB 20.78% 15 HFC Bank Ltd. HFC 26.09% 16 Produce Buying Co. Ltd. PBC 38.10% 17 Standard Chartered Bank SCB 14.55% 18 SIC Insurance Ltd.
  • Third Quarter 2019

    Third Quarter 2019

    MARKET OUTLOOK Q3 2019 MARKET REVIEW AND Q4 2019 OUTLOOK MARKET REPORTS Q3 2019 Macro Recap Economic Activity Marginally Lower GDP Year-on-Year Change (%) Global economic growth remained largely subdued due to trade tensions, 9.0 8.5 8.4 brexit and geopolitical issues. These led to a growing appetite in fixed 8.0 7.4 income securities, pushing debt to negative yields. According to the IMF, 6.8 6.7 global growth is forecast at 3% in 2019, picking up to 3.4% in 2020. 7.0 6 5.4 5.7 Domestically, growth has remained positive. Ghana’s provisional Real Gross 6.0 5 Domestic Product (GDP) in volume terms was estimated to have increased 5.0 4.3 to 5.7% in Q2 2019. When seasonally adjusted, Real GDP was 1.4% in Q2 4.0 2019; down from 1.6% in Q1 2019. The main sub-sectors driving growth in 3.0 the April to June 2019 GDP were Information & Communication, Mining & 2.0 Quarrying, Health & Social Work and Real Estate. 1.0 There was a weakness in economic activity in July 2019. The Composite of 0.0 Economic Activity recorded an annual real decline from 4.3% in July 2018 to 2018_Q2* 2018_Q3* 2018_Q4* 2019_Q1* 2019_Q2* 2.1% in July 2019. The key drivers of economic activity during the period were private sector credit expansion, contributions to SSNIT by the private *Provisional Oil GDP Non-Oil GDP sector, port activity, exports, and domestic VAT. Confidence surveys by the BoG show that on a y-o-y basis, business and 2 consumer confidence declined in Aug-19.
  • Social and Environmental Accounting Reporting and Financial Performances in Ghana

    Social and Environmental Accounting Reporting and Financial Performances in Ghana

    International Journal of Economics and Finance; Vol. 11, No. 4; 2019 ISSN 1916-971X E-ISSN 1916-9728 Published by Canadian Center of Science and Education Social and Environmental Accounting Reporting and Financial Performances in Ghana Li KaoDui1, Zou Muyun1 & Osei-Assibey Bonsu Mandella1 1 School of Finance and Economics, Jiangsu University, Zhenjiang, China Correspondence: Osei-Assibey Mandella Bonsu, School of Finance and Economics, Jiangsu University, 301, Xuefu Road, Zhenjiang, 212013, Jiangsu Province, P.R. China. E-mail: [email protected] Received: January 6, 2019 Accepted: March 15, 2019 Online Published: March 20, 2019 doi:10.5539/ijef.v11n4p82 URL: https://doi.org/10.5539/ijef.v11n4p82 This article is the research result of the project “Postgraduate Research & Practice Innovation Program of Jiangsu Province” (Project Number is SJCX17_0565). Abstract The paper seeks to ascertain the effects of social and environmental accounting disclosure on the financial performance of companies registered on the Ghana Stock Exchange over the period of three years from 2015 to 2017. The study similarly seeks to determine the extents of social and environmental accounting issues reported and finally document the extent to which companies included SEAR issues in their corporate strategy plan in Ghana. The study used secondary data from a published corporate annual statements of all the registered companies on the Ghana Stock Exchange. A regression model and t-test were used to ascertain the effects of social and environmental accounting reporting on firm‟s financial performance. However, questionnaires and content analysis were also used in company reports as a system to measure the degree and nature of corporate social accounting reporting as maintained by the number of words disclosed over the three periods.
  • Has Gse Played Its Role in the Economic Development of Ghana?

    Has Gse Played Its Role in the Economic Development of Ghana?

    CAPITAL MARKET 23 YEARS AND COUNTING: HAS GSE PLAYED ITS ROLE IN THE ECONOMIC DEVELOPMENT OF GHANA? 1st CAPITAL MARKET CONFERENCE BY EKOW AFEDZIE, DEPUTY MANAGING DIRECTOR MAY 10, 2013 INTRODUCTION Ghana Stock Exchange (GSE) was established with a Vision: -To be a relevant, significant, effective and efficient instrument in mobilizing and allocating long-term capital for Ghana’s economic development and growth. INTRODUCTION OBJECTIVES - To facilitate the Mobilization of long term capital by Corporate Bodies/Business and Government through the issuance of securities (shares, bonds, etc). - To provide a Platform for the trading of issued securities. MEMBERSHIP OF GHANA STOCK EXCHANGE GSE as a public company limited by Guarantee has No OWNERS OR SHAREHOLDERS. GSE has Members who are either corporate or individuals. There are two categories of members:- - Licensed Dealing Members - 20 - Associate Members - 34 HISTORICAL BACKGROUND 1968 - Pearl report by Commonwealth Development Finance Co. Ltd. recommended the establishment of a Stock Exchange in Ghana within two years and suggested ways of achieving it. 1970 – 1989 - Various committees established by different governments to explore ways of bringing into being a Stock Exchange in the country. HISTORICAL BACKGROUND 1971 - The Stock Exchange Act was enacted. - The Accra Stock Exchange Company incorporated but never operated. Feb, 1989 - PNDC government set up a 10-member National Committee on the establishment of Stock Exchange under the chairmanship of Dr. G.K. Agama, the then Governor of the Bank of Ghana. HISTORICAL BACKGROUND July, 1989 - Ghana Stock Exchange was incorporated as a private company limited by guarantee under the Companies Code, 1963. HISTORICAL BACKGROUND Nov.
  • Databank Weekly Market Watch

    Databank Weekly Market Watch

    June 30, 2017 Weekly Stock Market Review GSE MARKET STATISTICS SUMMARY Equities Market Remains Upbeat: The equities market maintained an upward Current Previous % Change trajectory this week underpinned by price gains in 7 counters. The Ghana Stock Databank Stock Index 25,200.24 25,094.64 0.42 Exchange’s Composite Index advanced by 15.07 points w/w to ~1,965 points while the Databank Stock Index surged by 105.60 points w/w to ~25,200. The GSE-CI Level 1,964.55 1,949.48 0.77 GSE-CI and the Databank Stock Index have recorded year to date returns of Market Cap (GH¢ m) 59,457.95 59,160.96 0.55 16.31% and 12.84% respectively. YTD Return DSI 12.84% 12.37% Block trades in Fan Milk, Societe Generale Ghana and Ghana Oil Company YTD Return GSE-CI 16.31% 15.42% spurred market activity this week. Total volume of shares traded increased by Weekly Volume Traded (Shares) 3,209,305 2,410,932 33.11 33.11% w/w to 3.21 million shares valued at ~GH¢7.86 million. Weekly Turnover (GH¢) 7,864,561 4,602,640 70.87 The market breadth remained positive: 7 gainers to 3 laggards. Standard Avg. Weekly Volume Traded (Shares) 1,200,269 1,184,913 1.30 Chartered Bank led the advancers chart with a 26Gp gain w/w to GH¢17.04. Avg. Weekly Value Traded (GH¢) 1,741,851 1,704,222 2.21 Benso Oil Palm Plantation grew by 9Gp to GH¢4.40.
  • Annual Report 2016 Annual Report National Insurance Commission National Insurance Commission

    Annual Report 2016 Annual Report National Insurance Commission National Insurance Commission

    ANNUAL REPORT 16 & FINANCIAL STATEMENTS National Insurance Commission 2016 | Annual Report NNATIONALational Insu INSURANrance CECommission COMMISSION Appiah-Ampofo House Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Coee Break Buet Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org Contents Foreword 7 Chairman’s Report 8 The National Insurance Commission Corporate Information 11 NIC’s Operations 12 Ghana Insurance Market Report 2016 Economic Review 21 Ghana Insurance Market Report (2012 – 2016) 22 Financial & Ratio Analysis 36 Appendices 2016 NIC Financial Reports 72 2016 Fire Maintenance Fund Financial Reports 86 List of Registered Insurance Companies 96 List of Registered Reinsurance Companies 103 List of Registered Broking Companies 104 2016 Annual Report National Insurance Commission 6 2016 Annual Report 2016 Annual Report National Insurance Commission National Insurance Commission FOREWORD Introduction The National Insurance Commission (NIC) issued the Governance and Risk Management framework in 2015. The activities of NIC in 2016 was geared at ensuring that the principles and values set out in the Governance and Risk Management framework are embedded in the regulated entities operations. To this end, the NIC organised a number of workshops for key stakeholders in the insurance industry to educate them on what is expected of them in relation to the Governance and Risk Management framework.