February 29, 2016 / 1:58 PM / 4 years ago

Nigeria stock index up 1.4 pct on Dangote Cement gains

LAGOS, Feb 29 (Reuters) - Nigeria’s stock index rose 1.41 percent on Monday, supported by investors’ interest in the shares of Dangote Cement, which accounts to a third of the local bourse capitalisation.

Dangote Cement rose 5 percent to 141.75 naira on expectation the firm, majority-owned by African billionaire Aliko Dangote, will release a robust 2015 financial report.

A market source said the company may release its full-year results on Tuesday with promise of positive dividend payment.

The stock index, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, rose to 24,570 points, its highest level in two weeks.

Other gainers stocks include Pan Africa banking group Ecobank Transnational inc. up 4.95 percent, fuel marketer Mobil rose 4.65 percent, Tigerbrands up 4.55 percent and Seplat 2.65 percent.

$1 = 199.04 naira Reporting by Oludare Mayowa; Editing by Toby Chopra

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