August 1, 2017 / 2:15 PM / 2 years ago

Dangote Cement up 7.3 pct after it boosts share float with stake sale

LAGOS (Reuters) - Shares in Nigeria’s Dangote Cement rose 7.3 percent on Tuesday after the company increased the free float on its stock with a $236 million stake sale to foreign investors.

Dangote Industries Limited, majority owned by Africa’s richest man, Aliko Dangote, sold a total of 416 million shares in Dangote Cement to foreign investors at 210 naira ($0.576)each.

The gains in Dangote Cement, which accounts for a third of Nigeria’s total market capitalisation, helped end a losing streak for the main share index, which was up 2.4 percent.

($1 = 364.9000 naira)

Reporting by Chijioke Ohuocha and Oludare Mayowa, editing by Louise Heavens

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