Nigerian stocks hit 9-year high in third straight day of gains


Nigerian stocks hit a nine-year high on Wednesday, extending gains for a third straight session.

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Stock Markets. Photo: Getty Images

The main index rose 1.89 percent to close to 45,000 points, a level last reached in October 2008.

Nigerian stocks have gained strongly in January, extending 2017’s 42 percent rise.

The central bank floated the naira for foreign investors in 2017, a move that has lured back funds that had pulled out of Nigeria at the peak of a currency crisis.

Oscar Onyema, CEO of the Nigerian Stock Exchange, said on Wednesday he expected corporate earnings to lift equities this year, despite currency and political risks.

Cement Company of Northern Nigeria (CCNN), Diamond Bank and Sterling Bank gained the maximum 10 percent allowed on Wednesday.

Transcorp, Fidelity Bank, FCMB, Caverton and Skye Bank gained more than 9 percent each.

Reporting by Chijioke Ohuocha; Editing by Toby Chopra and John Stonestreet