Guinness Nigeria Plc, the country’s second-biggest brewer by market value, fell the most in almost six months after first-quarter profit missed estimates, Vetiva Capital Management Ltd. said.
Guinness fell 5 percent to 251.85 naira by the close in Lagos, Nigeria’s commercial capital, the biggest decline since May 21. More than 264,000 shares, 84 percent of the three-month daily average, changed hands, according to data compiled by Bloomberg.
Net income for the period through September fell 29 percent to 1.8 billion naira ($11.4 million) the company said on Nov. 8. Revenue fell to 25.71 billion naira from 25.8 billion naira, it said. Vetiva had seen profit of 2.8 billion naira on sales of 28.2 billion.
“The result wasn’t good at all, it was very bad, and I think that may be responsible for the price fall,” Pabina Yinkere, head of research at Vetiva, said by phone from Lagos today. Vetiva has maintained its sell recommendation on the stock.