Update on GSE All-Share index
| Posted: Monday, May 09, 2005
The GSE All-Share Index ended a quiet trading week down 4.91 points to close at 6,103.28. The index has dropped 10.23% since the beginning of the year on the back of significant price corrections in the value of the more heavily capitalised stocks listed on the Exchange.
The effect of gains made by three stocks during the week was counterbalanced by a decline in a leading financial institution, GCB.
Security printers, Camelot, moved up a modest ¢5 to close at ¢1,580. The stock is now up almost 63% since January and remains the best performer on the Exchange this year.
Tightly held PZ Cussons rose ¢100 to close at ¢6,000 and was the top gainer for the week. This rise was however achieved on the back of a slim 1,000 shares traded. The stock is up 27.7% this year.
CFAO was also up 1.1% to close the week at 278 and has appreciated 26.4% since January. The stock traded heavily last week with 50,000 shares changing hands.
The gains made by these three stock were reversed by a 0.8% drop in Ghana Commercial Bank to close at ¢12,400. The stock of the nation's leading bank has increased by 22.2% since January.
CAL Bank was the most active stock during the week with 74,900 shares but its price remained unchanged during the week. The stock has declined 5.9% since January.
Pioneer Aluminium Factory has agreed to market and distribute stainless steel products manufactured by the Butterfly Group of India.
The Company has also announced that it is set to change its name during the year, possibly to Pioneer Kitchenware Company Limited, to reflect its diversification from aluminium into stainless steel products. The stock has remained unchanged all year at ¢800.
Starwin Products has announced a ¢13.1bn expansion of its operations to be used in the construction of an office complex (¢4.5bn), acquisition of machinery (¢6.1bn), and purchase of sales vans (¢2.1bn).
The stock has appreciated almost 40% since January 2005 but was unchanged at ¢740 during the week just ended.
Trust Bank of the Gambia reported a 15% increase in post tax profits to D138.6 up from D121.0 in 2003. Earnings per share increased by 15% to D462, while dividend paid per share increased by 44% from the previous year.
The stock is listed on the GSE and currently trades at ¢27,900, a 10% decrease on where it started this year.
The ¢22.5bn IPO for Blue Mont, a company licensed to trade, process, and export agricultural commodities, is currently underway and ends on June 2, 2005.
Investors are invited to subscribe for a minimum of ¢500,000 and may do so through SDC Brokerage Services. SDC Brokerage Services Ltd
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