Nigerian Stocks Extend Gains To Nine-Year High

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Nigerian stocks extended gains for the seventh straight session on Friday, up one percent to a fresh nine-year high.

Stocks have gained strongly in January, extending 2017’s 43 percent rise. The rally has taken the index up 12.55 percent since the start of the year.

The index stood at 43,482 points as at 1234 GMT, a level last seen in October 2008.

Forty six stocks across several sectors advanced as investors sentiment increased towards equities while 17 firms declined.

The index of Nigeria’s top five oil and gas firms led the charge, rallying 2.55 percent. Banking stocks rose 1.35 percent.

Traders say foreign funds that were skewed towards the local debt market yielding as high as 18 percent last year, are now taking position in equities as government seeks to lower its borrowing costs.

Cement Company of Northern Nigeria (CCNN), Eterna Oil and Honeywell Flour Mills rose the maximum 10 percent allowed while Diamond Bank, Sterling Bank, Skye Bank and Champion Breweries rose more than 9 percent each.

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