Bloomberg News

Chemical and Allied Nigeria Gains Third Day to 15-Month High

October 19, 2012

Chemical and Allied Products Plc, a Nigerian paint and household products maker, climbed for a third day, reaching the highest in 15 months.

The stock rose 5 percent, giving it a three-day gain of 16 percent, to close at 31.19 naira in Lagos, Nigeria’s capital, the highest since July 11, 2011.

“The company is the leading supplier of paint and chemicals in the Nigerian economy and as the dry season approaches, investors are expecting its sales to rise,” David Adonri, chief executive officer of Lambeth Trust and Investment Co. Ltd., said by phone from Lagos today. Building activities in Nigeria, Africa’s most populous nation, take place mainly during the dry season lasting from October to April.

First-half net income rose to 577.8 million naira ($3.7 million) from 402.7 million naira, Chemical and Allied said on Aug. 1. Revenue increased to 2.5 billion naira from 1.96 billion naira, the Lagos-based company said.

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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