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UPDATE 1-Nigerian stocks climb to 2-year high as oil prices rise

Commodities Nov 11, 2020 15:42
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FIDSON
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GUINNES
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NEIMETH
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STERLNB
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(Adds index close)
By Chijioke Ohuocha
ABUJA, Nov 11 (Reuters) - Nigerian stocks climbed to a more
than two-year high on Wednesday as domestic funds bought shares
across sectors and global oil prices rose on hopes of an
effective COVID-19 vaccine
The all-share index .NGSEINDEX rose 1.9% to close at
33,268.36 points, extending gains for a fourth session to a
level last seen in November 2018.
The index of Nigeria's top 10 lenders .NGSEBNK10 rose
4.07% to lead the charge, while consumer goods stocks
.NGSEFBT10 jumped 2.65%. Oil stocks .NGSEOILG5 climbed
1.27%.
Benchmark Brent crude oil rose to a more than two-month
high above $45 a barrel on Wednesday on hopes for an effective
COVID-19 vaccine and an industry report showing U.S. crude
inventories fell more than expected. O/R
Nigerian stocks have been rallying since October after the
central bank cut interest rates the previous month and as
money-market liquidity flowed into equities.
A total of 52 stocks advanced and six declined, while 100
saw no trades.
Drug makers Fidson FIDSON.LG and Neimeth NEIMETH.LG ,
brewer Guinness Nigeria GUINNES.LG and Sterling Bank
STERLNB.LG led the gainers, each rising the maximum 10%
allowed on the bourse.

UPDATE 1-Nigerian stocks climb to 2-year high as oil prices rise
 

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