Nestle Nigeria shares surged to an unprecedented value on Wednesday’s traded volumes driven by “expectations of a high dividend for the second half of 2012.”

According to Reuters, the high hopes are fuelled by an attractive 1.50 naira (96 cents) per share-bonus Nestle Nigeria gave to shareholders in December.

The London-based news agency reported that the food maker’s shares appreciated more than 20 percent since the 1.50 naira (96 cents) dividend was paid on low volumes.

Brokers told Reuters the Nigerian subsidiary shares around 90 percent of its profits with shareholders.

On the floor of the Nigerian Stock Exchange (NSE), the shares traded on Wednesday at 851 naira per ($5.40), its highest value ever,  following a 7.5 percent increase, driving the index climb by 0.49 percent to 31,727 points.

It also traded 68,000 units the same day.

Nestle Nigeria, majorly owned by Swiss consumer company Nestle SA, currently owns the most valuable stock on the NSE.

Following the crash of the Nigerian capital market which saw the plummeting of most stocks, Nestle Nigeria shares gained 57 percent in 2012.