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Transnational of Nigeria Drops Third Day, Hits Four-Week Low

July 2 (Bloomberg) -- Transnational Corp. of Nigeria Plc, which has investments in hotels, agriculture and oil, declined for a third day, reaching a four-week low.

The stock fell 4.6 percent to close at 1.03 naira in Lagos, the commercial capital, the lowest since June 4. The shares almost tripled from May 10 to June 14, declining just one trading day in that period.

“Some investors who bought it when the price started going up are now selling because they have realized that the gestation period could be longer than they anticipated,” Raheem Mohammed, chief operating officer of Lagos-based Kundila Finance Ltd., said by phone today.

Transcorp plans to build eight hotels that trade under the Hilton brand in Africa’s most populous country to take advantage of a surge in business visitors, Chief Executive Officer Obinna Ufudo said on May 25. First-quarter net income rose 62 percent to 518.6 million naira ($3.2 million), the company said on May 24.

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

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

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