Dangote Cement gain lifts stock market to highest in 7 weeks

The All-Share Index grew by 558.52 points or 2.25 per cent to close at 25, 396.83 against 24,838.31 posted on Tuesday.

Also, the market capitalisation which opened at N8.544 trillion inched N192.15 billion or 2.25 per cent to close at N8.736 trillion.

Market watchers said the market was driven by gains in Dangote Cement after the company proposed a dividend of N8 per share for the year ended December 31, 2015 against N6 declared in 2014.

They said that investors were excited by the dividend pay-out declared by Dangote Cement, which boosted interest in the company’s shares.

Analysis of the price movement chart indicated that Dangote Cement led the gainers’ table, increasing by N11.17 to close at N160 per share.

Zenith bank followed with a gain of 55k to close at N11.63, while Nigerian Breweries appreciated by 48k to close at N102 per share.

ETI gained 43k to close at N18.01 and Lafarge Africa grew by 35k to close at N82 per share.

Conversely, Forte Oil topped the losers’ table, dropping by N15.43 to close at N293.23 per share.

Total trailed with a loss of N7.25 to close at N137.75, while Unilever dipped N1 to close at N27 per share.

International Breweries declined by 97k to close at N18.53 and Stanbic IBTC dropped by 45k to close at N14.15 per share.

UBA drove the activity chart, exchanging 40.41 million shares worth N120.24 million.

United Capital followed with 40.13 million shares valued N55.85 million, while Zenith Bank traded 28.44 million shares worth N330.17 million.

FCMB Group sold 26.67 million shares valued at N19.84 million, while GT Bank traded 23.58 million shares worth N379.07 million.

In all, the volume of shares closed higher with a total of 275.09 million shares valued N1.64 billion transacted in 3,344 deals. According to NAN, this was in contrast with 159.74 million shares worth N1.10 billion exchanged 3,080 deals.