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Tullow Shares in Ghana Climb to Highest Since August Listing

Feb. 20 (Bloomberg) -- Shares of Tullow Oil Plc, the U.K.- based explorer that operates Ghana’s Jubilee oil field, rose to a record in trading on the West African bourse.

The stock gained 6.3 percent, to 34 cedis by 2:47 p.m. in Accra, after reaching 34.50 cedis, the highest since being listed in the capital in August.

“Investors are buying the shares from here to sell in London in order to make profit,” Emmanuel Tsigbe, a stock analyst at the Ghanaian unit of Renaissance Capital, said by phone from Accra. “There was a spike in the price in London.”

Tullow Oil climbed 2.2 percent to 1,601 pence as of 3:04 p.m. local time in London trading.

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

To contact the editor responsible for this story: Emily Bowers at ebowers1@bloomberg.net

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