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LequteMan
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Nigerian stocks on Wednesday rose to a seven-week high driven by gains in Dangote Cement after the company proposed to increase its full-year dividend by 33 percent to 8 naira ($0.04) per share.
Shares in Dangote Cement rose by 7 percent to 162 naira after its 2 percent rise in pretax profit for 2015 and dividend increase. It accounted for a third of the total market capitalisation of the bourse's constituents.
Nigeria's all-share index, which has the second-biggest weighting behind Kuwait on the MSCI frontier market index, was up 2.5 percent at 25,448 points by 1159 GMT, its highest level since Jan. 13.
"Some investors were excited by the dividend payout by Dangote Cement and this has boosted interest in the shares," one stock dealer said.
Tiger Brands, also majority owned by African billionaire Aliko Dangote, was another gainer, rising 9.3 percent.
Reuters
Shares in Dangote Cement rose by 7 percent to 162 naira after its 2 percent rise in pretax profit for 2015 and dividend increase. It accounted for a third of the total market capitalisation of the bourse's constituents.
Nigeria's all-share index, which has the second-biggest weighting behind Kuwait on the MSCI frontier market index, was up 2.5 percent at 25,448 points by 1159 GMT, its highest level since Jan. 13.
"Some investors were excited by the dividend payout by Dangote Cement and this has boosted interest in the shares," one stock dealer said.
Tiger Brands, also majority owned by African billionaire Aliko Dangote, was another gainer, rising 9.3 percent.
Reuters
