Nigeria SE Rises 2.8% to 44,062.47; Dangote Cement Leads Advance

LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index rose for the second day, climbing 2.8 percent, or 1,186.24 to 44,062.47. The move was the biggest since rising 2.9 percent on Jan. 11. The MSCI Emerging Markets Europe, Middle East and Africa Index advanced 1.1 percent.

Dangote Cement Plc contributed the most to the advance and had the biggest gain, increasing 9.4 percent. PZ Cussons Nigeria Plc fell 4.9 percent, the biggest loss. The biggest movers also included: Nigerian Breweries, up 3 percent; Seplat Nigeria, up 4.8 percent; PZ Cussons Nigeria, down 4.9 percent; and Honeywell Flour Mill, down 3 percent.

In the past year, the index had a similar or greater gain seven times and continued to rise the next day by an average 1.3 percent. It advanced four times for an average 2.8 percent and declined three times for an average 0.8 percent.

Today, 13 of 162 shares rose, while 7 fell. The Nigeria SE is up 15 percent so far this year. The index is 79 percent above its 52-week low of 24,547.37 reached on March 7 and 2.8 percent below its 52-week high of 45,321.82 on on Jan. 22

MACRO: The Nigeria Naira depreciated 0.16 percent to 360.65 against the U.S. dollar.

Source: Bloomberg Business News