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    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

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    Manufacture of petroleum products push PPI to 31.2% in April

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    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

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    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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ADB attributes rise in share price to investor confidence

bycitibusinessnews
December 19, 2016
in Banking And Finance, Government, Local Economy, Top Stories
Managing Director of ADB - Daniel Asiedu

Managing Director of ADB - Daniel Asiedu

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The Agricultural Development Bank (ADB) has attributed the significant performance of the bank’s share price to investor confidence in the banking stock.

As at close of trading on Monday, December 19th  2016, the share price of ADB had gained about 38 pesewas and trading at 3 cedis 33 pesewas.

Also, a total of 10,000 ADB shares were traded on the bourse on Monday.

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“We think that it is the confidence that investors have in the shares of the bank; on the exchange the price is determined by the confidence that investors have and that is what is being played out here,” Managing Director of ADB, Daniel Asiedu told Citi Business News.

Officials ringing the bell to symbolise the listing of ADB on the GSE
Officials ringing the bell to symbolise the listing of ADB on the GSE

The bank, which was listed on Monday, December 12th 2016, started with an initial share price of 2 cedis 65 pesewas.

Responding to calls by the GSE for listed companies to channel investments into specified areas of their operations, Daniel Asiedu further indicated that the bank would soon commence allocating the yields from the IPO and contribute to its efficiency.

“Before we came to the exchange, we agreed to the terms and conditions of the exchange and clearly because we are almost ending the year, it is our hope that sometime next year, we will be presenting our investors with updates during the facts behind the figures session,” he remarked.

The Agricultural Development Bank becomes the 40th company to list on the Ghana Stock Exchange.

It also becomes the eighth bank to list on the GSE.

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Meanwhile Mr. Asiedu is optimistic of a strong performance in 2017, where the bank will from March, begin publishing its financial statements to its investors.

“We think that putting this year behind us next year will be very bright; we are going to perform very well all things being equal,” he added.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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