ADB Shares Rise in share price due to investor confidence - ADB

As at close of trading on Monday December 19, 2016, ADB gained by 13.50 percent and was trading at GHC 3.33p.

  • Published:
24/7 Live - Subscribe to the Pulse Newsletter!

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

The bank was listed on Monday December 12, 2016 with an initial share orice of GHC 2.65p.

However as at close of trading on Monday December 19, 2016, ADB gained by 13.50 percent and was trading at GHC 3.33p.

READ ALSO: Nana Addo’s government must renegotiate IMF deal - Economist

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

“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 said.

 

ADB is the 40 company to list on the Ghana Stock exchange. It is also the eighth bank to list on the GSE.

READ ALSO: ADB announces the re-opening of its Initial Public Offer

The Managing Director of the Ghana Stock Exchange Kofi Yamoah, has urged ADB to adhere to the rules binding companies that have listed on the stock market.

Mr Yamoah was speaking at a ceremony to officially signify ADB’s listing on the stock market.

He mentioned that every company after listing on the stock market are expected to do three basic things.

READ ALSO:  ADB begins trading on GSE today

These are “to use proceeds from IPO for exactly what it was raised for, to keep investors updated on the happenings in the company and to work on paying dividends to its shareholders.”

Asiedu responded to this call saying that “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.”

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Poverty Gap Ghana’s policies make the rich wealthier – UNbullet
2 In Upper East 2 men killed in daylight bank robberybullet
3 SSNIT Scandal 10 SSNIT staff with fake certificates dismissed –...bullet
4 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions...bullet
5 Menzgold Ghana Investment company closes down its Gold Vault Marketbullet
6 SSNIT Scandal SSNIT spent $140m on ‘partially functional’...bullet
7 Salaries In 2018 Here are the dates public workers will be...bullet
8 SSNIT Scandal Ernest Thompson denies knowledge of PWC auditbullet
9 $100K Saga Presidency denies having knowledge of...bullet
10 Microfinance Finance Institutions BoG to take action...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Support Finance minister buys Kantanka carbullet
3 Money Alert Meet Africa's richest womanbullet
4 Bozoma Saint John 10 quotes from Uber top official, Bozoma, that...bullet
5 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
6 Tech 6 reasons you should buy an iPhone SE instead of any of...bullet
7 New Discovery Ghana discovers new mineral, lithium in...bullet
8 Plane Crash Starbow suspends operations following plane crashbullet
9 New Phones Nokia MWC 2018 Event in 5 minutesbullet
10 Dr Joseph Siaw Agyepong Nobody can collapse my company...bullet

Business