2 August 2017

Nigeria: Dangote Cement Trades 418m Shares As Stock Market Rebounds With 2.43 Percent

Photo: Premium Times
Dangote cement.

Lagos — Dangote Cement Plc traded 417.76 million shares yesterday as the Nigerian stock market rebounded with a gain of 2.43 per cent. According to Reuter, Dangote Industries Limited has sold a 2.3 percent stake in Dangote Cement to foreign buyers in a stock market deal valued at N86.1 billion ($236 million).

A total of 416 million shares of Dangote Cement traded at N210 in six off-market deals negotiated between Stanbic IBTC and Meristem stockbrokers as this resulted in the huge amount seen in the value of market transactions.

Meanwhile, the All Share Index (ASI) gained 872.87 absolute points, representing a gain of 2.43 per cent to close at 36,720.62 points. Similarly, the market capitalisation gained N302 billion, to close at N12.656 trillion. The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Nestle, Guinness, PZ Industries and Stanbic IBTC.

Market breadth was positive with 32 gainers and 22 losers. Ashaka Cement recorded the highest price gain of 10.09 per cent, to close at N12.77 per share. May and Baker followed with a gain of 9.86 per cent to close at N3.12, while Honeywell Flour appreciated by 9.60 per cent to close at N2.17 per share.

Sterling Bank went up by 9.43 per cent to close at N1.16 and PZ Industries rose by 9.34 per cent to close at N24 per share. On the other hand, International breweries led the losers' chart by 9.63 per cent, to close at N29.45 per share. UACN followed with a decline of 5.84 per cent to close at N17.40, while Aiico Insurance declined by 5.36 per cent to close at 53 kobo per share.

More on This

Foreign Investors Stake N86.1 Billion On 2.3 Percent of Dangote Cement

In apparent show of confidence, some foreign investors have bought 2.3 per cent stake in Dangote Cement Plc for N86.1… Read more »

Copyright © 2017 Leadership. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 900 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.