Monday, January 23, 2012

Ghana Oil at Three-Day High as Marketing Spurs Revenue Outlook

Ghana Oil Company Ltd. (GOIL), which runs the second-biggest network of gasoline stations in the West African nation, rose to the highest in three days as investors speculate revenue increased because of a new marketing plan.

The stock gained 1 pesewa, or 3.1 percent, to 33 pesewas, as of 2:39 p.m., in Accra, the capital, the highest since Jan. 17.

“We are looking for a turnover growth of about 30 percent for Ghana Oil for the full financial year 2011,” Hilary Lomotey, a stock trader at Renaissance Capital, said by phone from Accra. “The company has been marketing itself in a roll- out strategy that has made its gasoline stations more convenient for customers than before.”

The company’s results are expected by the first week in February, Lomotey said.

To contact the reporter on this story: Moses Mozart Dzawu in Accra at

To contact the editor responsible for this story: Emily Bowers at

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