Unilever Nigeria Plc, a consumer-goods manufacturer, made its biggest gain in more than five years as institutional investors bet it was a bargain after a price slump, FBN Capital Ltd. said.
The stock rose 5.3 percent to 49.50 naira at the close in Lagos, Nigeria’s commercial capital, its biggest gain since Aug. 13, 2007. Some 64.6 percent of the three-month daily average volume was traded, according to data compiled by Bloomberg. The stock lost by 9.6 percent to 47 naira yesterday.
“Unilever is gaining from increased demand from institutional investors that considered it a good price after yesterday’s sell off,” Bunmi Asaolu, an analyst at Lagos-based FBN Capital said by phone today. “We rate it neutral and an investor can buy to hold based on fundamentals.”
Unilever’s net income for the nine months through September was little changed at 4 billion naira from a year earlier, it said in October. Revenue rose to 41.7 billion ($265 million) naira, from 40.4 billion naira.
The stock has gained by 6.5 percent this year, compared with a 18.5 percent rise in the Nigerian Stock Exchange All-Share Index.