Nigerian Bottling Co., which bottles Coca-Cola products in Africa’s most populous nation, rose the most in more than five weeks.
The stock gained 1.50 naira, or the maximum 5 percent daily limit allowed by the bourse, its biggest jump since Oct. 29, to close at 31.50 naira in Lagos by 2:30 p.m., the new closing time for the Nigerian Stock Exchange beginning from yesterday.
Coca-Cola Hellenic Bottling Co., which controls NBC, wants to buy back the Nigerian company’s stock because “it believes the shares are valued at more than they are currently being priced on the Nigerian Stock Exchange,” Esili Eigbe, a Lagos- based analyst with Stanbic IBTC Bank Plc, said by phone. “That is inducing other investors to buy the stock.”
A spokeswoman for NBC wrote in a text message that she would reply to a phone call from Bloomberg News following a meeting.
NBC has risen 47 percent this year, compared with 18 percent gained by the benchmark Nigerian Stock Exchange All-Share Index during the same period