Dangote sells N86bn cement stake to foreign investors

Dangote Industries had a roaring time yesterday on the Nigerian Stock Exchange (NSE), selling 410 million shares of Dangote Cement valued at N86.1 billion to some foreign investors at N210 per share.

The transaction was crossed at off-market price of N210 in six deals.

Mallam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd. , told NAN that the details of the foreign investors were yet to be revealed.

Kurfi said that the transaction was perfected at N210 against the normal market price of N222.22 per share.

He said some foreign investors were taking position in the company due to its capacity building and high investment yield.

Kurfi recalled that the company, in 2013, sold 1.5 percent of its 95 per cent stake in Africa’s biggest cement producer to South Africa’s Public Investment Corporation (PIC) for 289.3 million dollars.

Consequently, Dangote Cement became the most traded with a turnover of 417.76 million shares valued at N87. 76 billion.

It was followed by FBN Holdings with 61.01 million shares worth N367.53 million. Access Bank exchanged 39.86 million shares valued at N399.59 million.

United Bank for Africa (UBA) sold 38.43 million shares valued at N371.84 million.

The volume of shares traded improved by 73.33 per cent as investors staked N94.05 billion on 849.60 million shares transacted in 5,602 deals.

This was against the 490.16 million shares valued at N5.27 billion achieved in 5,558 deals.

The All-Share Index closed upbeat, increasing by 876.62 points or 2.45 per cent to close at 36,720.62 against 35,844.00 on Monday.

The market capitalisation, which opened at N12.353 trillion, inched N302 billion or 2.44 per cent to close at N12.655 trillion.

Nestle recorded the highest gain to lead the gainers’ table with N21.30. It closed at N102.50 per share.

Dangote Cement followed with a gain of N16.25 to close at N240 and Guinness appreciated by N1.50 to close at N66.55 per share.

PZ Industries increased by N1.15 to close at N24.15. Stanbic IBTC rose by N1.09 to close at N36.99 per share.

Forte Oil topped the losers’ chart, shedding N4.70 to close at N57 per share.

Okomu Oil trailed with a loss of N4 to close at N76.03 and Lafarge Africa was down by N2.72 to close at N55 per share.

Julius Berger dropped by N1.80 to close at N34.20. 7UP declined by N1.59 to close at N90.30 per share.