Nigeria stock index up 1.4 percent on Dangote Cement gains

by Reuters

February 29, 2016 | 3:34 pm
  |     |     |   Start Conversation
Security officials wait outside a building after Nigeria's President Goodluck Jonathan unveiled a plaque during a commissioning ceremony at Dangote cement factory in Obajana in Nigeria's central state of Kogi June 11, 2012. REUTERS/Akintunde Akinleye

Nigeria’s stock index rose 1.41 percent on Monday, supported by investors’ interest in the shares of Dangote Cement, which accounts to a third of the local bourse capitalisation.

Dangote Cement rose 5 percent to 141.75 naira on expectation the firm, majority-owned by African billionaire Aliko Dangote, will release a robust 2015 financial report.

A market source said the company may release its full-year results on Tuesday with promise of positive dividend payment.

The stock index, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, rose to 24,570 points, its highest level in two weeks.

Other gainers stocks include Pan Africa banking group Ecobank Transnational inc. up 4.95 percent, fuel marketer Mobil rose 4.65 percent, Tigerbrands up 4.55 percent and Seplat 2.65 percent.

by Reuters

February 29, 2016 | 3:34 pm
  |     |     |   Start Conversation

Big Read |  


What Nigeria must do before signing AfCFTA

Nigeria’s President Muhammadu Buhari last Wednesday gave a hint that he would sign the African Continental Free Trade Area (AfCFTA)...

Top 100 (300 x250)

MTN banner 2


Newsletter Fixed income