Nigerian stocks rose to their highest level in more than three weeks on Thursday, lifted by a 10 percent gain in biggest listed firm Dangote Cement to an unprecedented high, traders said.

The Nigerian stock index rose 3.18 percent to 34,504 points, its highest since April 9.

 

Dangote Cement, which accounts for a third of market capitalisation on the bourse, jumped the maximum allowed 10 percent to 178.2 naira, its highest price since it was listed on local bourse.

Traders said it had taken a hit last week because of a disappointing dividend announcement, but that the market had over reacted and was now re-positioning.

Other advancers included middle-size lender Wema Bank LG>, up 9.32 percent to 1.29 naira, Cadbury , rising 8.6 percent to 34.7 naira, and Stanbic IBTC , which gained 7.14 to 15 naira.

Source: Reuters (Reporting by Oludare Mayowa)