Nigerian Breweries closes at all time high on market making
LAGOS, Sept 20 |
LAGOS, Sept 20 (Reuters) - Shares in Nigerian Breweries closed at all time high of 150 naira ($0.95) on Thursday, helping lift the all-share index up almost one percent, two days after the bourse started market making.
Nigeria's bourse introduced market making on Tuesday, starting with sixteen blue-chip shares including the brewer, and relaxed restrictions on price swings for those stocks to 10 percent a day, from 5 percent a day.
The brewer has gained 45 percent so far this year to value the local unit of Dutch brewer Heineken at 1.1 trillion naira ($6.98 bln). It gained 6.23 percent on Thursday.
The stock market rose 0.91 percent to 25,875.31 points, its fourth consecutive.
It has risen 23.69 percent since the start of the year, achieving a 45 percent return in dollar terms, owing to a stronger currency, to become Africa's third best performing index, according to the MSCI equity indices.
Low yields, low growth and high debt in the developed world have spurred demand for frontier market assets, as investors drastically revise their traditional views of risk, reversing a trend last year.
Top gainers included pharmaceutical firm Fidson, up near the maximum 10 percent daily limit allowed for stock eligible for market making. Heavyweight flourmillers Dangote Flour and Honeywell Flourmill, each gained 5 percent. (Reporting by Chijioke Ohuocha; Editing by Tim Cocks)
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