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UPDATE 1-Nigeria stocks post biggest rise in 3-months after lockdown is phased out

Published 05/05/2020, 15:18
Updated 05/05/2020, 15:24
© Reuters.
DANGCEM
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NGSEINDEX
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NGSEOILG5
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NGSEBNK10
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MTNN
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(Updates with index closing, background)
By Chijioke Ohuocha
ABUJA, May 5 (Reuters) - Nigerian stocks rose 3.12% on
Tuesday to record their biggest rise in three months as shares
gained across sectors a day after the government began a gradual
easing of a coronavirus lockdown.
The stock market .NGSEINDEX , which has lost 14% so far
this year, rose for the seventh session to close at 23,809.31
points, an eight-week high, last seen in March.
Nigerian funds have been switching back to equities from
fixed-income securities, hoping for a stock market rebound later
this year after a coronavirus-induced rout in oil prices
prompted foreign investors to sell off their
holdings. L5N2CH3W8
Meanwhile, stock exchange data showed4 foreign investors
have been net sellers of Nigerian equities this year, with the
pace of outflows accelerating in February as the coronavirus
pandemic rattled global markets.
The index of Nigeria's banking and consumer stocks
.NGSEBNK10 both rose 2.42% each. The oil and gas index
.NGSEOILG5 climbed the least, up 0.73%.
Heavyweight Dangote Cement DANGCEM.LG , which accounts for
a third of market capitalisation, rose 10%, the maximum allowed
on the bourse. MTN Nigeria MTNN.LG , the second-biggest listed
company, climbed 3.45%.
A total of 29 companies advanced while three were unchanged.
Six firms declined with a hundred others recording no trades.

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