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    We need IMF bailout in March or economy will crash – Ofori-Atta to pensioners

    Idris Elba adds Ghana to the list of African countries he wants to partner with

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    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

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    Nigeria’s national debt hits an all time as the country struggles with repayment

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    Nigeria set to stop importation of refined oil and refine its own oil by 2023

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CAL bank blames brokers for poor performance of shares

bycitibusinessnews
May 28, 2015
in Banking And Finance, Business, News
Frank Adu Jnr, CAL Bank MD

Frank Adu Jnr, CAL Bank MD

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Cal bank has blamed stock brokers for the fluctuating performance of its shares on the Ghana Stock Exchange.

[contextly_sidebar id=”9j7mxuf3ylmV1zY8xqN64nCTJc5vUrSR”]The share price of the bank is currently selling at 1 cedi 8 pesewas inching up by 4 pesewas since the beginning of the year.

The share price of stocks are usually determined by the performance of the company as well as the demand for that share which is usually triggered by speculation.

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Cal Bank was the sixth most profitable bank in 2014, has a return on equity of 38%, return on assets of 7%, cost income ratio of 32%.

However the strong performance of the bank over the years has not reflected in the value of its shares on the bourse.

In an interview with Citi Business News on the sidelines of the facts behind the figures presentation at the stock exchange, the Managing Director of CAL Bank Frank Adu said the trend is not encouraging other companies to list on the bourse.

“I blame the brokers, they broker the shares, they make sure people buy and sell. Once there is activity then there is price discovery, then the market begin to recognize the performance? It is actually quite frustrating for an investor”, he stated.

“and the share price goes down , that is somewhat ridiculous ,one wonders whether there are other factors that play out that we are not aware of”, Frank Adu noted.

–
By: Rabiu Alhassan/citifmonline.com/Ghana

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