Nigerian stocks recovered to end slightly higher on Wednesday after the country's biggest listed firm Dangote Cement recouped early losses.
Stocks had earlier fallen 1.09 percent, dragged down by a 5 percent drop in Dangote Cement as traders booked profits following a stake sale that had lifted the shares.
Dangote Industries Limited, owned by Africa's richest man Aliko Dangote, sold a 2.3 percent stake in Dangote Cement to some foreign funds on Tuesday.
Dangote Cement, which accounts for a third of total market capitalisation, closed flat.
The market main index rose 0.5 percent to close at 36,905 points. Prior to Friday, stocks had gained for 16 straight days, posting their longest winning streak in more than two years.
Other gainers included Guinness Nigeria, the local unit of Diageo, which is in the market to raise 39.7 billion naira. It rose 4.99 percent.
Lafarge Africa also gained 5 percent, while Skye Bank, Flour Mills of Nigeria and aviation services firm NAHCO rose more than 4 percent each.
© Reuters News
Stocks had earlier fallen 1.09 percent, dragged down by a 5 percent drop in Dangote Cement as traders booked profits following a stake sale that had lifted the shares.
Dangote Industries Limited, owned by Africa's richest man Aliko Dangote, sold a 2.3 percent stake in Dangote Cement to some foreign funds on Tuesday.
Dangote Cement, which accounts for a third of total market capitalisation, closed flat.
The market main index rose 0.5 percent to close at 36,905 points. Prior to Friday, stocks had gained for 16 straight days, posting their longest winning streak in more than two years.
Other gainers included Guinness Nigeria, the local unit of Diageo, which is in the market to raise 39.7 billion naira. It rose 4.99 percent.
Lafarge Africa also gained 5 percent, while Skye Bank, Flour Mills of Nigeria and aviation services firm NAHCO rose more than 4 percent each.
© Reuters News
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