Mechanical Lloyd Rises to 2-Year High on Sales Bets: Accra Mover
Mechanical Lloyd Co. (MLC), a distributer and repairer of vehicles and farm machines, rose to the highest in more than two years as investors bet revenue growth will accelerate for the full year.
The stock gained 15 percent to close at 15 pesewas in the capital, Accra, the highest since Sept. 16, 2010. One hundred and fifty thousand shares changed hands, almost six times the three-month daily average.
“We expect full-year revenue growth of 20 percent, higher than the nine-month growth rate,” Nana Kofi Agyeman Gyamfi, a stock trader at Merban Stockbrokers Ltd. in Accra, said by phone today. “The company benefited from the purchase of 4 by 4 vehicles by political parties.”
Revenue climbed 17 percent during the nine months through September to 30.7 million cedis ($16 million), the company said on Oct. 25. Net income increased 29 percent to 2.2 million cedis.
To contact the reporter on this story: Moses Mozart Dzawu in Accra at firstname.lastname@example.org
To contact the editor responsible for this story: Vernon Wessels at email@example.com