International Breweries PLC, rose to a record after SABMiller Plc, was said to have invested in it, boosting outlook for revenue.
The company’s shares advanced for a 7th day last Friday, rising 10 percent to N28.67 naira by the close in Lagos, , the highest since at least April 2002, when Bloomberg started compiling the data.
More than 75 percent of the three-month daily average of shares was traded.
Tristan van Strien, SABMiller’s senior manager for investor relations, confirmed that the world’s second-largest brewer by volume had invested in International Breweries.
He declined to give details, saying more information may be available this week.
“The stock is on full bid as investors anticipate higher revenue and dividend for March year-end,” David Adonri, chief executive officer of Lagos-based brokerage Lambeth Trust and Investment Co., said.
“The investment by SABMiller fuels the speculation.”
SABMiller, which has brewing or beverage interests in 32 African countries, entered the Nigerian market in 2009 with the purchase of a controlling interest in Pabod Breweries, based in the southern oil hub of Port Harcourt.
In August, it opened a brewery in the southeastern city of Onitsha.
International Breweries, which changed its year-end to March from December said on Nov. 2 profit for the nine months through September doubled to N1.29 billion ($8.1 million).
Revenue rose 32 percent to N9.1 billion, it said.
The shares have surged 77 percent this year, compared with a 31 percent advance in the Nigerian Stock Exchange All-Share Index.