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Julius Berger Nigeria Plc (JBERGER), the country’s largest construction company by market value, advanced for a fourth day on speculation this year’s slump was overdone.
The stock rose 5 percent to 27.47 naira by the 2:30 p.m. close in Lagos, the commercial capital. The four-day advance is the longest run of gains since June 4, 2010. The shares have dropped 13 percent this year, compared with a 1.9 percent gain in the benchmark Nigerian Stock Exchange All-Share Index.
“Investors are seeing some potential in the stock, so they are taking a position,” David Adonri, chief executive officer of Lambeth Trust and Investment Co., a Lagos-based brokerage, said by phone today.
Julius Berger, whose largest single shareholder is Germany’s Bilfinger Berger AG (GBF), forecast a 46 percent increase in first-quarter profit on Dec. 19.
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