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National Salt Co. Nigeria Plc (NASCON), a manufacturer of the condiment, climbed to its highest in six weeks on speculation first-half results will help it to sustain dividend levels.
The stock rose 4.8 percent to close at 4.82 naira in Lagos, the commercial capital, the highest price since May 28.
National Salt paid a full-year dividend of 0.70 naira per share, according to data compiled by Bloomberg, the equivalent of a dividend yield of 14.5 percent. First-quarter revenue climbed 52 percent to 3.35 billion naira ($21 million), the company said on June 13. Profit for the period advanced 72 percent to 682.95 million naira.
“A stock with this dividend yield is very attractive because most blue-chip stocks in the market now have dividend yields of between 4 percent and 5 percent, ” David Adonri, chief executive officer of Lambeth Trust and Investment Company Ltd., said by phone today. “This, with the expectation of a repeat of the impressive first-quarter result, is the reason for the rising demand for the stock.”
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