Guinness Nigeria Gains Most in Three Weeks on Renaissance ‘Buy’

Aug. 22 (Bloomberg) -- Guinness Nigeria Plc, the country’s second-biggest brewer by market value, rose the most in three weeks after Renaissance Capital initiated coverage of the company with a “buy” rating.

The stock gained 2 naira, or 0.9 percent, its largest intraday increase since Aug. 1, to 215 naira at 12:39 p.m. in Lagos.

Renaissance set a price estimate of 303 naira for the stock, it said in an e-mailed research note today.

Guinness shares have risen 13 percent this year, compared with an 8.8 percent decline in the Nigerian Stock Exchange All-Share Index over the same period.

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

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