July 5 (Bloomberg) -- Transnational Corp. of Nigeria Plc, which invests in hotels, agriculture and energy, rose to an almost four-month high on speculation that an institutional investor boosted a stake, according to Kundila Finance Ltd.
The stock climbed for a third day, gaining 7.9 percent to 1.51 naira by the close in Lagos, the commercial capital, the highest since March 11. Almost 130 million shares were traded, or 2.2 times the three-month daily average.
“UBA Stock Brokers Ltd. has been buying the shares for a major investor all week and that has driven the price up,” Raheem Mohammed, the chief executive officer of Lagos-based Kundila Finance, said by phone. “Volume determines the price.”
Olayemi Sule, chief operating officer of Lagos-based UBA Stock Brokers, didn’t immediately respond to calls seeking comment. Transcorp said in March it will raise 15 billion naira ($93 million) to refinance a power project and expand investments in oil exploration and hotels through a a sale of shares to existing investors.
Transcorp’s shares rallied 53 percent this year, while the Nigerian Stock Exchange All-Share Index gained 32 percent.
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