UPDATE 2.05pm: Shares in water treatment company Water Resources Group continued to soar higher today after the company announced on Tuesday that its joint venture had inked a $US95 million deal to supply water in Africa.

Water Resources' 49 per cent owned joint venture, Blue Aquifer, signed a 25-year contract to provide 1,400,000cum of water a year to the Republic of Cape Verde, an island nation 570 km off the coast of West Africa.

Water Resources will receive 49 per cent of the net income from the venture in the Municipal Council of Santa Catarina and provide and maintain all the equipment for the plant, the company said in a statement.

"We expect that other municipalities in the Cape Verde Islands will follow the lead of Santa Catarina," chief executive Brian Harcourt said.

Shares in Water Resources climbed to their highest point in more than eight months at 11.5 cents amid a broadly lower market as investors piled into the stock.