Rally in Dangote Cement, Flour Mills and Lafarge Africa lifted Nigeria’s equity market on Monday, closing on a positive note.
The shares in Dangote Cement, which accounts for the fifth of the market capitalisation gained 9.98 percent, while Flour Mills of Nigeria gained 2.50 percent and Lafarge Africa rallied by 2.27 percent to push up the market main index.
The All Share Index (ASI) increased by 1.74 percent to close at 37,443.40 points compared with 36,804.75 the market opened.
Traders said interest in Dangote Cement was spurred by reports that the cement company will embark on share repurchase exercise by December 30.
The market capitalisation of equities listed on the NSE increased to N19.570 trillion from N19.236 trillion on the last trading day.
The total volume traded closed with an exchange of 427.059 million units valued at N3.31 billion traded in 5,258 deals.
The market breadth was neutral with 23 gainers as against 23 losers.
The NSE 30 Index increased by 2.12 percent to close at 1,528.89 points as against 1,497.16 points on Friday.
Market turnover closed with traded volume of 122.62 million units.
Dangote Cement, majorly owned by Africa’s richest man, Aliko Dangote announced its plans to commence a buyback of the company’s shares on December 30 to boost shareholder value.
will buy back as much as 10 percent of the issued capital starting with a first tranche of 85.2 million shares of 50 kobo each, or 0.5 percent of the total in issue.