Ghana Commercial Bank Ltd. (GCB), the country’s biggest lender in terms of branches, rose the most in more than a month in Accra after it was rated a buy by Renaissance Capital.
Shares of the lender rallied 1.3 percent to 3.1 cedis by the close of trading in Ghana’s capital, the steepest one-day jump since Feb. 22. Trading volumes were more than 12 times the daily average over the past three months.
Ghana Commercial was the only bank assigned a buy rating by the Moscow-based investment bank, which has started coverage of three lenders in the West African nation. Ecobank Ghana Ltd. (EBG) and Cal Bank Ltd. (CAL) were rated hold, Renaissance analysts, Adesoji Solanke and Nothando Ndebele wrote in a note e-mailed yesterday.
“Ghana seems to have the opportunity to increase its retail banking penetration, especially relative to countries in southern and eastern Africa,” the analysts said.
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