Nigeria SE Rises 2.1% to 39,746.29; Dangote Cement Leads Advance

LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index rose for the third day, climbing 2.1 percent, or 823.03 to 39,746.29. The move was the biggest since rising 2.4 percent on Aug. 1. The MSCI Emerging Markets Europe, Middle East and Africa Index declined 0.3 percent.

Dangote Cement Plc contributed the most to the advance, rising 3.1 percent. Conoil Plc increased 10 percent, the biggest gain. Fidson Healthcare Plc fell 5 percent, the biggest loss. The biggest movers also included: Guaranty Trust, up 2.3 percent; Zenith Bank, up 2.2 percent; 7 UP Bottling, down 1.6 percent; and Fidelity Bank Nigeria, down 0.7 percent.

In the past year, the index had a similar or greater gain 10 times and continued to rise the next day by an average 1.4 percent. It advanced seven times for an average 2.3 percent and declined three times for an average 0.8 percent.

• Index is at 52-week high.

Today, 37 of 159 shares rose, while 9 fell. The Nigeria SE is up 3.9 percent so far this year. The index is 62 percent above its 52-week low of 24,547.37 reached on March 7.

MACRO: The Nigeria Naira was unchanged at 360.16 against the U.S. dollar. Benchmark 10-year bond yields fell 10 basis points to 13.503 percent.