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CORRECTED-Nigerian stocks hit 10-week high after oil prices gain

Published 21/05/2020, 15:47
Updated 21/05/2020, 16:06
© Reuters.

© Reuters.

(Correct paragraph 3 to show top gainer was an exchange traded
fund managed by Stanbic IBTC Bank, not the bank itself)
By Chijioke Ohuocha
ABUJA, May 21 (Reuters) - Nigerian stocks rose 1.3% on
Thursday to a 10-week high after a rise in oil prices helped
lift shares in the banking and energy sectors.
The all-share index .NGSEINDEX rose for a fourth straight
session to 24,758 points, its highest level since March 10. The
index of Nigeria's top 10 lenders .NGSEBNK10 and oil stocks
.NGSEOILG5 led the gainers, each up by more than 1.4%.
The best performer was an exchange traded fund (ETF)
STANBIC.LG managed by Stanbic IBTC Bank, the Nigerian unit of
Standard Bank, which rose 10% - the maximum allowed on the
bourse.
BUA Cement BUACEMENT.LG climbed 9.88% after announcing a
dividend payment.
Nigeria's equity market has fallen 8.9% so far this year as
foreign investors sold off frontier market assets following a
coronavirus-induced oil price crash which triggered global risk
aversion.
Oil is Nigeria's biggest export and oil prices have recently
picked up. They rose on Thursday to their highest since March,
supported by lower U.S. crude inventories, OPEC-led supply cuts
and recovering demand as governments ease restrictions on
people's movements imposed due to the coronavirus
crisis. A total of 30 stocks rose on Thursday while five were
unchanged. Nine stocks declined and 100 others recorded no
trades.

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