Ghana Stock Exchange (GSE) has suspended the listing status of UT Bank Limited

The Ghana Stock Exchange (GSE) has with effect from Monday, August 14, 2017 suspended the listing status of UT Bank Limited indefinitely. 

UT Bank has failed to publish its financial results since the end of its financial year December 31, 2015. The non-publication is in breach of the continuing listing obligations under the GSE Listing Rules. The GSE has collaborated closely with Bank of Ghana (BoG), the regulator for banks on this matter.

The suspension has also become necessary due to the revocation of the licence of UT Bank by BoG effective Monday, August 14, 2017 in a letter to the Exchange dated August 11, 2017. In the said BoG letter, the BoG has approved a purchase and assumption agreement by GCB Bank Limited to acquire the total deposit liabilities and some selected good assets of UT Bank.

The GSE will continue to collaborate closely with BoG and the Securities and Exchange Commission to ensure that the interest of shareholders of UT Bank are protected in accordance with the GSE Rules and any guidelines or notices that may be issued by BoG.

Further information through Press Releases will be published as appropriate.

Issued in Accra, this 14th day of August, 2017.

Rich Habits for accumulating wealth 

Thomas C. Corley studied millionaires for 5 years and realized these rich habits for accumulating wealth. I just feel like sharing them with you.
By Thomas:

1. Pursuing daily growth. Daily self-improvement is a hallmark of self-made millionaires. They read at least 30 minutes a day to gain knowledge. They also devote significant time every day to practicing and perfecting their skills.

2. Dream-setting. The rich build goals around each of their dreams. This makes it possible to realize those dreams. Think of every dream as a rung on your own ladder. Your ideal, perfect life is realized when you reach the top of the ladder. Eighty percent of the self-made millionaires in my study built goals around their dreams.

3. Saving. Ninety-four percent of the rich saved 20% or more of their income for many years prior to becoming rich. They then put their savings to use by taking calculated risks.

4. Taking calculated risks. Fifty-one percent of the self-made millionaires in my study took a calculated risk in time and money. Calculated risk is a unique type of risk that requires you to do your homework.

5. Being optimistic. Seventy-one percent of the self-made millionaires in my study were optimistic about life. Their optimism infected everyone around them. They became magnets for other success-minded people.

6. Being open-minded. Being open to new ideas, new ways of doing things and the opinions of others is critical to learning and growth. Growth is the parent of success. You must grow into the person you need to be in order for success to visit you.

7. Finishing what you start. The rich don’t quit. They stick to something until they succeed, go bankrupt, or die. Eighty-percent were focused on achieving some goal and 55% spent one year or more on one singular goal.

Midweek on the Ghana Stock Exchange – It’s all win win win.

The winning streak of the stock market was stretched to seven successive sessions, as the GSE-Composite index rose 2.18 points to close mid- week trading at 1,939.25 points. The year-to-date change now stands at 14.81%. Financial stocks returned 0.15% today as the GSE-Financial Stock Index moved 2.7 points above Tuesday’s closing, to 1,799.79 points, bringing the year-to-date return on financial stocks to 16.46%.

SOGEGH dominated trading on Wednesday, accounting for 92.41% of the 0.56 million shares traded and 58.37% of the GHS0.68 million realized from trading. The volume and value traded increased by 2-folds and 65.06% respectively.
Gainers included EGL, FML, SCB, and SCP PREF. SIC and SOGEGH on the other hand, recorded a drop in their share prices. 

Stock Market: Losses in 2 equities forced GSE down

The stock market’s three-day winning streak was halted today, as the major indices recorded negative returns. Losses in two financial equities forced the GSE-Composite Index down 0.72 points, to close at 1,904.75 points. The GSE-FSI also lost 0.97 points to close trading at 1,800.10 points.

Trade volume and value declined by 40.36% and 56.17% compared to the previous session, as 0.49 million shares were exchanged for GHS0.32 million. UTB led the market in terms of volume with 59.95%, while FML led in terms of value, with 42.54%.

SOGEGH was the only gainer. EGH and HFC recorded negative price changes. 

Courtesy:- CAL BROKERS LTD. 

Find out what an Index is

I’m glad this was shared by in their “Term of the day”. It just reminded me of a question I was asked by a blog reader this weekend. He asked.. I hear Index traded securities, Index Linked Bonds etc.. what at all is an Index.

An index is an indicator or measure of something, and in finance, it typically refers to a statistical measure of change in a securities market. In the case of financial markets, stock and bond market indices consist of a hypothetical portfolio of securities representing a particular market or a segment of it. ”

In Ghana for instance, the GSE Composite Index (GSE CI) is a form of Index including all listed companies. The Financial Stock Index (GSE FI) is another that includes all financial  (banks etc) companies listed.