Dangote Cement gains drive Nigerian stocks to six-week high

Nigerian stocks climbed 1.3 per cent thanks to Dangote Cement

The Nigerian stocks climbed 1.3 per cent on Monday to hit a six-week high after its biggest listed firm Dangote Cement and some consumer goods companies gained.

The main share index rose for the fourth straight day on Monday to near 37,000 points, a level it last reach in August.

READ: Nigeria’s economy is working under Buhari – Osinbajo

Foreign investors and pension funds have been buying shares since September ahead of third quarter earning season due to start this month, traders said, driving the index higher.

Dangote Cement, which withdrew its bid for South African cement rival PPC on Friday, gained 2.94 percent to 224 naira.

The index of Nigeria’s oil and consumer goods stocks each rose more than 1 percent.

The Nigerian Stock Exchange (NSE) was established in 1960 as the Lagos Stock Exchange.

In 1977, its name was changed from the Lagos Stock Exchange to the Nigerian Stock Exchange.

As at March 7, 2017, it has 176 listed companies with a total market capitalization of about N8.5 trillion.

All listings are included in the Nigerian Stock Exchange All Shares index. In terms of market capitalization, the Nigerian Stock Exchange is the third largest stock exchange in Africa.