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

July 18 (Bloomberg) -- UT Bank Ltd. 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.

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