Nigerian Breweries Gains Most in Three Weeks on Dividend Bets

Nigerian Breweries Plc (NB), the country’s biggest brewer by market value, gained the most in more than three weeks as investors bet the company will raise dividend payments, PAC Securities Ltd. said.

The stock gained 4.70 naira, or the maximum daily limit of 5 percent, to 98.76 naira by the close of trading in Lagos, the biggest gain since Dec. 22.

“The stock is moving on speculation that its full-year result will be good and that it will pay a higher dividend for the full year to December, based on its third-quarter results,” Eugene Ezenwa, chief operating officer of PAC Securities, a Lagos-based brokerage, said by phone today.

Profit for the nine months through September rose 18 percent to 24.83 billion naira ($153 million), the company said on Oct. 20. Nigerian Breweries paid a total dividend of 2.40 naira for 2010 and full-year profit rose 8.6 percent to 30.3 billion for that period, it said in March.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

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

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