U.S. Natural Gas Futures Drop Below $3 for First Time Since 2012

Ghana Commercial Bank Rises to Record High Ahead of Oil Output

Ghana Commercial Bank Ltd., the West African nation’s biggest lender, rose to the highest on record as investors expect the start of oil production for export to boost lending and deposits.

The stock rose 27 pesewas, or 12 percent, to 2.60 cedis by the 1 p.m. close in Accra, the capital. It was the highest since at least February 1997.

“Investors believe GCB will benefit from increased cash deposits and lending to companies engaged in oil-related projects as oil production is due to start next week,” said Emmanuel Tsigbey, a stock broker with Renaissance Capital, in a phone interview from Accra. The bank’s profit will increase “by at least 15 percent” this year, he said.

Ghana will start commercial production of oil from its Jubilee field next week, operator Tullow Oil Plc said Nov. 29.

To contact the editor responsible for this story: Antony Sguazzin at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.