Bloomberg News

NCR Nigeria Gains Most in Six Months on ‘Strategic’ Investor

November 12, 2012

NCR Nigeria Plc (NCR), which sells computers and support services, rallied the most in more than six months as a “strategic investor” took a position in the stock, Lambeth Trust and Investment Co. Ltd. said.

The shares climbed 5 percent to 13.74 naira by the close in Lagos, Nigeria’s commercial capital, the biggest gain since April 27.

“The stock moved due what appears to be a deliberate purchase by a strategic investor,” David Adonri, chief executive officer of Lagos-based Lambeth, said by phone today. “I went through the transactions on the stock today and found out that only five trades, with four at unusually high volumes, have been done.” he said. Generally, that level of trades “should not propel a stock into full bid,” Adonri explained.

The company “can be easily acquired so it’s a good one for anyone who wants to poach,” Raheem Mohammed, chief operating officer of Kundila Finance Ltd., said by phone from Lagos. “The company pioneered the computerisation of salaries in Nigeria, and it still has a lot of prospects in that area.”

NCR’s shares have risen 48 percent this year, compared with a 26 percent gain for the Nigerian Stock Exchange All-Share Index.

A call to NCR’s office in Lagos and e-mailed questions to a company e-mail address weren’t answered.

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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