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UPDATE 1-Nigeria's main stock index ends year 47 pct up - traders
December 31, 2013 / 4:52 PM / 4 years ago

UPDATE 1-Nigeria's main stock index ends year 47 pct up - traders

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LAGOS, Dec 31 (Reuters) - The Nigeria Stock Exchange index , the country’s main index, ended the year 47 percent up on the close of last year, rising 2 percent on the day to 41,329 points, traders said on Tuesday.

The principal drivers were cement manufacturer Dangote Cement, up 3.9 percent to close at 218.99 naira, and food and beverages maker Nestle, up 2.12 percent to 1,200 naira a share, they said.

Analysts had feared a dip in equities after investors began selling riskier assets earlier this quarter and moving money into short-term debt owing to uncertainty over government spending and the future leadership at the central bank.

But the index has rallied this year, driven in part by cheap global money. Foreigners account for around 60 percent of stock trading on the local bourse, stock exchange data show.

Shares of energy company Oando rose 10.17 percent on Tuesday to close at 24.25 naira, followed by Zenith Bank , which also gained 10.17 percent to 29.40 naira.

The Nigerian unit of Heineken, Nigerian Breweries, rose 1.78 percent to close at 167 naira. (Reporting by Mayowa Oludare; Writing by Tim Cocks; Editing by Louise Heavens)

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