Unilever Ghana Rallies to Record High on Profit Bet: Accra MoverMoses Mozart Dzawu
Unilever Ghana Ltd., a manufacturer of soaps, detergents and food products, rose to a record on speculation profit growth was maintained in the nine months through September.
The stock gained 7.3 percent to 18 cedis by the close in the capital, Accra, the highest since April 1995 when Bloomberg began compiling the data. More than 1.3 million shares traded, equivalent to 105 times the three-month daily average.
The company’s profit probably increased 12 percent in the period that ended last month, Randy Mensah, a stock trader at Ecobank Development Corp. in Accra, said by phone. Net income advanced 12 percent to 13.9 million cedis ($6.3 million) in the six months through June, Unilever said on Aug. 2. Revenue increased to 158.4 million cedis from 136.5 million cedis.
“Though the business environment is not easy, the company put in a lot of marketing effort such as advertisement and campaigns,” he said. Unilever’s earnings are expected by the end of this month, according to Mensah.
Calls made to the office of Managing Director Maidle Elizabeth Arkutu in Tema, 30 kilometers (19 miles) east of Accra, didn’t connect. Unilever’s stock more than doubled this year, outpacing a 74 percent rally in the Ghana Stock Exchange’s Composite Index.