7th AGM of First Fund Ltd; Find out more..

Advert for firstbanc (1)NOTICE IS HEREBY GIVEN that the Seventh Annual General Meeting of

First Fund Limited (the “Company”) will be held at the British Council
Auditorium, Accra on Tuesday, June 6, 2017 at 8.30 a. m. to transact
the following business:
Ordinary Business
1. To receive the report of the Chairman.
2. To receive the report of the Chief Investment Officer / Fund
Manager.
3. To receive and consider for adoption the Reports of the Directors,
Auditors and the Financial Statements for the year ended December 31,
2016.
4. To confirm the appointment of new Directors to the Board.
5. To determine and approve the remuneration of Directors.
6. To authorize the Directors to determine/fix the remuneration of the
Auditors for the 2017 audit.
Dated this 26th day of April 2017.
BY ORDER OF THE BOARD

Signed
Brenda Semevo Afari (Mrs.)
Company Secretary

firstfund-perfomance

NOTE: A member of the company entitled to attend and vote is permitted
to appoint a proxy to attend and vote instead of him/her. A proxy need
not be a member of the Company. In order to be valid for the purpose
of the meeting, the PROXY FORM must be completed and deposited at the
Company’s registered office, 12th Floor, World Trade Centre,
Independence Avenue, Ridge, Ambassadorial Enclave, Accra, Ghana NOT
LESS THAN 48 HOURS before the appointed time of the meeting.

UT bank dominates overall trade volumes again – GSE

Ghana Stock Exchange Update – Market benchmark consolidated its recent gains with a 4.41 point rise in the GSE CI to 1,195.57 points which corresponds to a 23.38% year-to-date spread.

Turnover also improved relative to the last session as 0.59 million shares changed hands on the GSE for a sum of GHS0.51 million. UT Bank once again dominated the market in terms of volume with a 48.44% share of the overall market volume. . .

The advancers outperformed the laggards as four counters increased in value while two others reduced in value.  – CBL.

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Ghana Stock Exchange Composite Index increased for the second successive session.

GSE Composite Index increased for the second successive session as it went up by 0.21 points to 1,141.14 points which is equivalent to 17.76% year-to-date return.

A minimal 0.03 million shares traded on the GSE today and the transactions amounted to GHS0.11 million. SPL was lead equity for the day in terms of volume as its volume accounted for 39.71% of the overall market volume while SCB came top in terms of value traded with 86.47% of the total market value.

Only SCB experienced a price change as it went up by GHS0.01 to end the session at GHS9.01.

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How to master mutual funds; focus on the iFUND mutual fund


As we planned to master mutual funds and unit trusts, let us find out what the iFUND is and how best we can benefit from it and understand how it is managed. In my previous post, we look at EPACK (What you should know about EPACK), now our focus is on iFUND from EDC, a member of the Ecobank group.
The iFUND is mutual fund from Ecobank Capital (formerly, Ecobank Development Corporation, EDC) and it is structured to invest in both fixed income securities (Treasury bills, bonds, etc) and equities (stocks). The portfolio structure of iFUND reveals that,
it is a balanced fund with the objective of preserving and enhancing shareholder wealth to meet medium and long term financial goals while creating liquidity to meet short term needs. This mutual fund unlike many has specific portfolio structure with asset classes as Fixed income (50% and a rebalancing range of +/-20) and Equity (50% and a re-balancing of +/-20). This simply means that, the fund manager has the discretion to invest or select specific investments between this particular structure. The fund manager, unless the structure changes, cannot re-balance the portfolio above or below 50% (+/-20). For instance, in 2010, the fund manger invested 63.36% in to Fixed income securities and 36.64% in to equity (Stocks). In reference with this structure, the fund manger cannot invest 80% in to fixed income and 20% in to stocks/equity or vice versa.
The iFUND posted an impressive 29.44% return in 2010 and it represented an improvement on the 2009 return of 21.40%. This fund invested in some best performing stocks in 2010 including Ghana Commercial Bank (GCB) which gained +264.86%, Fan Milk ltd (+164.86%), SIC Insurance (+59.26%) and Standard Chartered Bank which gained +50.53%. IFUND invests heavily in the Ghanaian financial market particularly in stocks on the stock market and government treasuries.
Investors who are medium to long term oriented can consider the iFUND as an investment opportunity. 

Week in Focus: How stocks performed on the Ghana Stock Exchange (GSE)

New week, new gains, new losses, the GSE did not show any clear direction. On Monday the Ghana Stock Exchange gained some ground as gains in CAL Bank and Mechanical Lloyd Company (MLC) offset losses in two other equities. The GSE-Composite Index closed at 1,036.48 points, from 1,035.97 points and the GSE-Financial Stock Index closed at 872.44 points, up 0.64 points from 871.80 points. A total of 0.35 million shares traded, a 51.39% decline from the 0.72 million shares traded at the previous session. The corresponding trade value was GHS0.10 million, 43.76% less than the previous session.
MLC dominated trading for the second successive session. Click for details.

On Tuesday, the banking sector affected the market indices as marginal losses in two banking stocks drove the both indices downwards. CAL Bank and Ecobank Ghana (EBG) recorded negative price changes. The GSE-Composite Index decreased by 1.17 points to close at 1,035.31 points, bringing the year-to-date return to 6.84%. The financial stocks index closed at 870.25 points, a 0.25% decline from the previous closing of 872.44 points. Compared to the previous session, Tuesday’s trade volume and corresponding trade value were 56.32% and 14.96% respectively less. Ghana Commercial bank (GCB) led the market in terms of value with 29.51%, while SIC Insurance led in terms of volume, accounting for 25.64% of the shares traded. Furthermore Guinness Ghana brewery limited (GGBL) was the sole gainer and it moved up by a pesewa to a year-high of GHS2.40.

Positive price changes in three equities on Wednesday, edged up performance on the local bourse. The GSE-Composite Index climbed 1.47 points to close mid-week trading at 1,036.78 points whiles the financial stocks index returned 0.09% to close 0.78 points higher at 871.03 points.
Now let’s look at the stocks that moved the market. Trading was dominated by UT Bank (UTB) in terms of volume, with 37.47% of the trade volume, and Ghana Oil (GOIL) in terms of value, with 36.55% of the turnover. GOIL closed at record-high of GHS0.55, up GHS0.01 from GHS0.54 whiles TOTAL Petroleum and UTB also gained.

The stock market on Thursday, declined as fall of GOIL’s stock price forced the GSE-Composite Index down, 0.39 points to close at 1,036.39 points. The financial index was not affect and it stayed flat. The trade volume and value declined for the fifth successive session as 0.09 million shares were traded for GHS0.04 million, 20.26% less than Wednesday’s turnover of GHS0.05 million. Trading was dominated by UTB, accounting for 52.38% and 35.75% of the trade volume and trade value respectively.

Trading on the bourse yesterday ended the week in silence. Activities on the exchange kept the indices stable. The GSE-Composite Index and the GSE-Financial Stock Index remained stable at 1,036.39 points and 871.03 points respectively meanwhile, Friday’s turnover exceeded the previous session’s by a marginal 0.29%. New faces for the week, like Ecobank Transnational Inc. (ETI) trades accounted for 47.58% of the shares traded, while Standard Chartered Bank (SCB) led the market in terms of value, with more than 50% of the turnover. Due to low activity in the market at the end of the week, no price changes were recorded for the day.

Looking ahead: Next week could begin as an active week for ETI, GOIL and SG-SSB since more Bids orders awaits Offers in the market. On the other hand, more Offers await Bids for CAL Bank and Mechanical Lloyd Company and this can best be confirmed affect the Pre-market trades on Monday. I hope next week restore high activity in the market.
Keep Investing and following this blog for the best.

2011 Year Review of CAL Bank on the Ghana Stock Exchange.

Overview of Company

 CAL Bank Limited formerly Continental Acceptances Limited and then CAL Merchant Bank was incorporated on March 20, 1989 but the bank was licensed in June 1990 and commenced business in July 1990. With issued shares of 238,802,978, CAL Bank is listed on the Ghana Stock Exchange (GSE) and the share price is 0.23p as at December 6, 2011. We would be looking at how this bank performed on the GSE for the 2011 financial year.
As at 31st December, 2010, the Social Security and National Insurance Trust (SSNIT) held 82,363,074 shares in the bank making 34.13% whiles Mr. Afare Donkor, the largest individual shareholder and second largest shareholder held a stake of 7.51% representing 18,120,000 shares.



Analysis

CAL Bank began the year, 2011 with a share price of 0.33p (04/JAN/2011) and because of investor activities & active trades, share price of the bank rose to 0.39p (04/FEB/2011). Meanwhile, the stock price dropped steadily after that time to close at 0.26p on 22/March/ 2011. Further fluctuation of price was recorded from July to October 2011. Ten months down the year, CAL recorded a Year high of 0.39 pesewas and Year-Low of  0.25 pesewas (p). The volume of trade heightened at the end of October and hence was reflected by an increased in share price by some pesewas.
CAL stock and other financial stocks performed badly in November making the Financial Stock Index remain lower than the Base index of 1000.

The Year 2011 obviously was not the best year for most stocks on the GSE and CAL Bank is no exception.

I would be writing on Ecobank Ghana Limited (EBG) in my next post. I would be reviewing EBG stock on the Ghana Stock Exchange for the Year 2011.

[Courtesy: Ghana Stock Exchange, Bloomberg]