Cape Verde: Enacol drives three-fold rise in stock exchange market capitalization

9 January 2008

Lisbon, Portugal, 9 Jan – Shares in Enacol, the Cape Verdean fuel distribution company, were the most sought after on cape Verde’s stock exchange in 2007, driving the exchange’s market capitalization to rise three-fold against 2006.

Figures given to Portuguese news agency Lusa by the Cape Verde Stock Exchange showed that, at the end of 2007, its market capitalization totalled 18.92 billion Cape Verdean escudos, or around three times the 6.3 billion posted at the end of 2006, the first year of operation of Cape Verde’s stock market.

At the end of 2007, Enacol’s shares had the highest price on the stock exchange and the highest market cap. = 7 billion CV escudos.

Enacol was also the most traded stock, with trade worth 701.3 million CV escudos, far above the exchange’s other listed companies, despite only having been listed in May 2007.

In 2007, the Cape Verdean state sold 28.5 percent of Enacol, keeping just 2.1 percent as a golden share in the company. Demand for shares in this offering was six times higher than supply. (macauhub)