May & Baker of Nigeria Plc, the nation’s second-biggest pharmaceuticals maker by market value, gained for a fifth day, the longest winning streak in five months.
The stock rose 4.7 percent to 1.55 naira by the 3:55 p.m. close in Lagos, the commercial capital, its longest streak of gains since Jan. 6. The shares have fallen 22 percent this year.
“Investors believe the stock has fallen to a level where value once more has been restored to the stock, price-wise,” David Adonri, chief executive officer of Lagos-based Lambeth Trust and Investment Co. said by phone today. The rally will continue “but may not be sustained for a long time,” he said, without saying how much it will rise further.
To contact the reporter on this story: Vincent Nwanma in Lagos at email@example.com
To contact the editor responsible for this story: Dulue Mbachu at firstname.lastname@example.org