* First quarter volumes up 7 pct and beat forecasts
* Shares hit record high
* Nigeria grows in first quarter but concerns for future (Adds shares, analyst comment, more on currencies)
By Philip Blenkinsop
BRUSSELS, April 20 (Reuters) - Brewer Heineken NV sold far more beer than expected in the first three months ofthe year, helped by growth over the Vietnamese and Chinese NewYears and an earlier Easter, sending its shares to a recordhigh.
The brewer of Heineken, Europe's best-selling lager, Tigerand Sol retained its full-year forecast, but said currencydevelopments would weigh more on results and warned ofdifficulties in Nigeria because of a lower oil price.
The Dutch brewer is the third player in the market but willbe dwarfed by the combination of its two largest rivals whenmarket leader Anheuser-Busch InBev's completes a $100billion-plus deal to buy SABMiller.
Heineken shares rose as much as 4.6 percent to an all-timehigh of 86.95 euros. At 0845 GMT, they were up 1.2 percent andstill among the strongest in the FTSEurofirst 300 index of leading European stocks.
"A lot of the good elements have converged in Q1, but theyare keeping their forecast and are cautioning that Q2 may not beas good," said Andrew Holland, beverage analyst at SocieteGenerale.
Heineken said beer volumes rose by a like-for-like 7.0percent to 43.5 million hectolitres, well above the median 41.3million hectolitres forecast by analysts polled by Reuters.
Sales were higher in all regions, with growth of 23 percentin Asia-Pacific -- strongest in Vietnam, Indonesia and Cambodia-- and expansion in the Africa, Middle East and Eastern Europeregion, against expectations of a slight dip.
Excluding Nigeria, volumes would have been down in itsregion. Heineken said underlying trading conditions in Nigeriawere however tough and low oil prices were hurting the economyand prompting consumers to switch to cheaper brands.
"It is becoming increasingly challenging to obtain hardcurrency in the market, and the uncertainty regarding a possibledevaluation of the naira continues to impact the businessadversely," Heineken said.
The prospect of growth in Africa helped to attract AB InBevto SABMiller but Heineken's experience in Nigeria shows the roadcan be bumpy.
"It's generally accepted among consumer goods companies thatAfrica is the last big growth prospect, but it doesn't happen ina straight line," Holland said.
Overall, Heineken has said it expects revenue and profitgrowth this year excluding consolidation and currency changes,with margin expansion in line with its medium-term target ofabout 40 basis points per year.
On Wednesday, it said the hit from currency moves would be50 million euros on a net level, based on mid-April rates, morethan the 35 million euros it gave in February. (Reporting by Philip Blenkinsop; editing by Keith Weir)
