July 28 (Bloomberg) -- PZ Cussons Nigeria Plc, a manufacturer of consumer products and home appliances, rose to highest price in more than nine years after saying full-year profit advanced.
The stock climbed by 1.90 kobo, or 4.99 percent, to 40 naira per share, the highest level since at least January 2002 at the 2:30 p.m. close of trading in Lagos.
Net income for the year gained to 5.7 billion naira ($37.2 million) from 5.6 billion naira a year earlier, according to Renaissance Capital, which cited figures released by the Nigerian Stock Exchange. Revenue increased to 65.9 billion naira from 62.7 billion naira, it said.
“The price gain is a reflection of the profit declared by the company,” Chris Okoro, operations head of Lagos-based Gosord Securities Ltd. said on phone today. “There is increased confidence on conglomerates based on their market share.”
To contact the reporter on this story: Emele Onu in Lagos at firstname.lastname@example.org
To contact the editor responsible for this story: Gavin Serkin at email@example.com