Ghana’s Financial-Stocks Index Rises to Record: Accra MoverMoses Mozart Dzawu
Ghana’s financial-stocks index rose to a record as investors bought shares before dividend-qualifying dates and in anticipation that companies will report higher profit for 2012, according to Merban Stockbrokers.
The 11-member measure of banks and insurance companies in West Africa’s second-biggest economy advanced for a fifth day, adding 2.1 percent to 1,449.87 by the 3 p.m. close in the capital, Accra. The Ghana Stock Exchange Financial Services Index, which has gained for 11 weeks, has risen 39 percent this year, according to data compiled by Bloomberg.
“Some of the companies that the index tracks have declared dividend qualifying dates and the others are expected to declare any time from now,” Nana Kofi Agyeman Gyamfi, a stock trader with Accra-based Merban, said by phone today. “Investors also generally are expecting very positive full-year financial performance from the companies.”
Ghana-listed banks and insurers have to the end of this month to announce 2012 results, according to the bourse’s rules. Investors want to get on the companies’ registers now because “it becomes more difficult to do so when the qualifying date is getting close,” Gyamfi said.
The Ghanaian unit of Standard Chartered Plc rose 6 percent to 15.79 cedis, a record high. Ecobank Ghana Ltd. advanced 2.5 percent to a record high of 4.1 cedis. SIC Ltd., the country’s biggest insurer, added 6.7 percent, the most in almost six months, to 32 pesewas.