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09.02.2008 Business & Finance

Stock Exchange to quote share prices to two decimal places

By GNA
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The Ghana Stock Exchange is to begin quoting share prices of listed equities on the bourse to two decimal places, effective February 8, this year.

A statement from the Exchange said the move was to ensure that all prices are reported to two decimal places before the commencement of automated trading not later than July this year.

However, effective the close of business of Friday, February 8, share prices will gradually be reported to two decimal places along the following lines.

Share prices that are currently above one Ghana Cedi (GH¢1.00) will be rounded to two (2) decimal places and will henceforth trade and be reported in the GSE Official List to two (2) decimal places.

For share prices that are currently below one Ghana Cedi (GH¢1), and already at two (2) decimal places (ie where the 3rd and 4th digits after the decimal are both zero) will be frozen, trade and be reported to two) decimal places while those which are currently at three (3) or four (4) decimal places (ie where the 3rd or 4th digit after the decimal is not zero) will be allowed to gradually get to two (2) decimal places and thereafter trade and be reported to two (2) decimal places as soon as they get there.

The GSE began quoting share prices to four decimal places in line with the currency redenomination, which officially commences on July 1, last year.

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