Johannesburg - Shares of Dangote Cement rise to a three-week high after its majority owner, billionnaire tycoon Aliko Dangote, said that strong profit margins from the cement firm had helped his privately-held group secure a $3.3 billion in bank loans for new projects.
Dangote Cement, which accounts for around a third of Nigeria's bourse, ticks up 4.74 percent to 199 naira at 12:41 SA time, its bigggest gain since August 16 and helping lift the index up 1.42 percent.
Privately-held Dangote Industries Limited on Wednesday struck a $3.3 billion loan deal with 12 lenders to finance an oil refinery and petrochemical plant in Africa's second-biggest economy.
The all-share index trades at 36,727 points by 12:44 SA time, its highest level in three weeks. - Reuters