Tullow Oil advanced in its first day of trading on the Ghana stock exchange, where it is the biggest company by market value.

The stock, listed at 31 cedis, closed at 31.08 cedis by mid-afternoon in the capital, Accra.

Tullow’s market value is about 28.2 billion cedis (€13 billion) and will more than double the exchange’s capitalization, the company said.

Tullow replaces Standard Chartered Bank Ghana as the country’s biggest company. – (Bloomberg)