Bloomberg News

Ecobank Transnational Rises Most in Two Weeks in Ghana Trading

March 15, 2012

Ecobank Transnational Inc. (ETI), the Lome-based company that operates banks in 32 African nations, rose the most in two weeks as investors bet it will increase its dividend payment.

The stock jumped 10 percent to 11 pesewas by the close in Accra, the capital, today.

“Considering performance last year, Ecobank Transnational is expected to pay higher dividend to shareholders than it did in 2010,” Gerard Hagan-Aggrey, a stock trader at Accra-based First Atlantic Merchant Bank, said by phone today.

Ecobank Transnational, which also trades in Nigeria and Ivory Coast, paid a dividend for 2010 of 0.4 U.S. cents a share. Net income jumped 55 percent in the nine months through September to 19.1 billion naira as gross earnings grew to 124.4 billion naira from 93.6 billion naira, it said on Oct. 14.

Full-year results have not yet been completed, Nabi Souleymane Ouedraogo, a spokesman with the company, said by phone from Lome today.

“Investors consider the price of the stock on the Ghana market cheaper than it is on the BRVM in Abidjan or the Nigerian market,” Hagan-Aggrey said.

In Abidjan, Ecobank Transnational was unchanged at 37 CFA francs ($0.07). In Lagos, the stock dropped 2.1 percent to 11 naira ($0.07). The price of 11 pesewas equals $0.06.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.


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