Nigerian Bag Manufacturing Rises to Six-Week High on Profit

Nigerian Bag Manufacturing Co., a packaging manufacturer, rose to the highest in more than six weeks after reporting a 26 percent price increase in profit.

The stock gained 0.5 percent to 1.95 naira by the close in Lagos, Nigeria’s commercial capital, the highest level since Sept. 25. The volume of shares traded was more than double the three-month daily average.

Profit after tax for the six months through September rose to 876.72 million naira from 696.71 million naira a year earlier, the company said yesterday. Earnings per share rose to 14 kobo from 11 kobo.

“The price is being propelled by the result” Raheem Mohammed, chief operating officer of Lagos-based Kundila Finance Ltd., said by phone today. With the increase in earnings per share, investors can look forward to a dividend payment at the end of the year, he said.

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