UT Bank of Ghana Rises to One-Year High on Profit Speculation

UT Bank Ltd. (UTB) of Ghana advanced to the highest in more than a year as investors bought shares on speculation that profit increased in the first half.

The stock gained 2 pesewas, or 6.1 percent, to 35 pesewas as of 3 p.m. in the capital, Accra, the highest since June 2, 2010. The stock last moved on July 5, when it lost 2.9 percent.

The share-price jump occured “in anticipation of good earnings for the first half,” Randy Mensah, a stock trader at Accra-based Databank Financial Services Ltd., said in a telephone interview today. “We expect between 20 percent and 30 percent growth in UT Bank’s first-half profit over the previous year’s half.”

In the first quarter through March, net income increased to 1.1 million cedis ($730,000) from 152,000 cedis a year earlier, the bank said April 29. Net interest income rose to 8.8 million cedis from 5.4 million cedis.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.

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.