Benso Oil Palm Plantation Ltd., a unit of Singapore-based Wilmar International Ltd. (WIL), rose to the highest in two months as prices for palm oil gained.
The stock climbed for a fourth day, adding 1.4 percent to close at 3 cedis in the capital, Accra, the highest since April 17. More than 7,200 shares were traded, equivalent to 1.2 times the three-month daily average. Crude palm oil for August delivery rose 1.8 percent this month, while gold futures declined 0.4 percent.
“The price of gold is not doing so well so investors are diversifying to other commodities such as palm,” Xorlali Torsu, a stock trader at Accra-based Databank Financial Services Ltd. said by phone today. “Foreign investors have a high appetite for this stock.”
Palm oil advanced 0.6 percent to close at 2,439 ringgit ($783) a metric ton on the Bursa Malaysia Derivatives, according to data compiled by Bloomberg.
Benso Oil Palm’s net income increased 40 percent to 13.4 million cedis ($6.7 million) last year. Revenue advanced to 40.8 million cedis from 34.8 million cedis in 2011.
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