May 24 (Bloomberg) -- Transnational Corp. of Nigeria Plc, which has interests in hotels, agriculture and oil, gained for an 11th day, rising to the highest in more than eight months, as first-quarter profit surged.
The stock jumped 4.9 percent to 86 kobo by the close in Lagos, the commercial capital, the strongest level since September and the longest rising streak since April.
Net income jumped 62 percent to 518.6 million naira ($3.3 million) from 319.3 million naira a year earlier, the company said in a statement posted on the Nigerian Stock Exchange website today.
“Demand for the stock is still heavy because the results are getting better although it did not pay dividend, and if the present tempo of activities continues, it will recover lost ground,” David Adonri, chief executive officer of Lambeth Trust and Investment Co., said by phone today. Transcorp traded at 1.13 naira in June last year and fell to 50 kobo by April.
The company, which runs Transcorp Hilton Hotel in Abuja, plans to build eight luxury hotels with Hilton Worldwide Inc. in Nigeria within seven years, according to its website. Transcorp is also in partnership with SacOil Holding Ltd. and Energy Equity Resources Ltd. in operating an oil prospecting license in the oil-rich Niger River delta.
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