Bloomberg News

EGL Ghana Gains Most in 2 Months on Earnings Bets: Accra Mover

January 16, 2013

Enterprise Group Ltd. (EGL), the second- biggest insurer on the Ghana Stock Exchange, rose the most in two months amid speculation that full-year profit increased.

The stock gained 6.4 percent to close at 50 pesewas in the capital, Accra, the biggest increase since Nov. 16.

The company’s profit after tax was probably 19 million cedis ($10 million) to 20 million cedis, from 15.5 million cedis in the nine months through September, said Nana Kofi Agyeman Gyamfi, a stock trader at Accra-based Merban Stockbrokers Ltd. Enterprise posted net income in 2011 of 17.5 million cedis.

“There weren’t any disasters in the last quarter that they were exposed to,” Gyamfi said. The stock is currently undervalued, he said.

The annual results are expected from the second week in February, according to Gyamfi.

Emmanuel Kojo Idun, Enterprise’s director of finance, wasn’t immediately available to comment, said a man who answered a phone call from Bloomberg News at his office and declined to be identified.

To contact the reporter on this story: Moses Mozart Dzawu in Accra at mdzawu@bloomberg.net

To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net


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