Ghana Oil Hits Record High on Outlook for Sales: Accra Mover

Ghana Oil Co. (GOIL), the second-biggest operator of fuel stations in the West African nation, reached a record high as sales of new engine lubricants boost revenue outlook, according to African Alliance Securities Ltd.

The stock gained 2.1 percent to 99 pesewas by the 3 p.m. close in Accra, the highest since November 2007 when Bloomberg began compiling the data. More than 16,000 shares traded, or about 85 percent of the three-month daily average volume.

“The products are very specific, targeting different groups of vehicle users,” Derrick Mensah, a stock analyst at African Alliance, said by phone from Accra. Goil, as the company is known, is “leveraging on its wide network of fuel stations. I expect the products to impact positively on revenue this year,” he said.

The company started promotional campaigns for the products that are targeted mainly at commercial-vehicle drivers, spokesman Cyril Oppong said by phone today.

To contact the reporter on this story: Moses Mozart Dzawu in Accra at mdzawu@bloomberg.net

To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net

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