Nigerian stocks post biggest daily gain for 6 months

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Traders work at the Nigerian Stock Exchange in Lagos, February 13, 2015. REUTERS/Joe Penney

LAGOS, March 7  – Nigerian stocks posted their biggest daily rise for six months on Tuesday, rising 2.23 percent to 25,129 points.

Nigeria’s biggest listed company, Dangote Cement , majority-owned by Africa’s richest man Aliko Dangote and accounting for a third of total market capitalisation, rose 4.92 percent.

Brokers say better than expected corporate results especially from the banking sector after Zenith Bank and Access Bank declared dividends amidst a weak economic outlook bouyed stocks.

 

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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