Bloomberg News

Glaxosmithkline Consumer Nigeria Rises to Five-Month High

June 27, 2012

GlaxoSmithKline Consumer Nigeria Plc (GLAXOSMI), a unit of the U.K.’s biggest drugmaker, advanced for the first time in three days, closing at a five-month high.

The stock rose 2.2 percent to 23 naira by the close in Lagos, the commercial capital, its highest since Jan. 24.

“The company has a lot of ethical and common drugs that command a lot of patronage in the market,” Raheem Mohammed, chief operating officer of Kundila Finance Ltd., said by phone from Lagos today.

Glaxosmithkline plans to raise revenue by 25 percent this year as it expands sales of branded retail items, the company said on Feb. 21. Full-year profit rose 16 percent to 2.3 billion naira, ($14 million), the company said on March 15.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net


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