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UPDATE 1-Nigerian stocks climb to highest level in 2 months

Published 20/05/2020, 15:03
© Reuters.
DANGCEM
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NGSEINDEX
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NGSEBNK10
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(Adds price moves, background)
By Chijioke Ohuocha
ABUJA, May 20 (Reuters) - Nigerian stocks climbed for the
third session on Wednesday to their highest level in more than
two months after broad-based gains.
The all-share index .NGSEINDEX rose 1.03% to 24,452
points, its highest level since March when a coronavirus-induced
oil prices slump caused foreign investors to flee, weakening the
naira NGN=D1 currency.
Nigeria's top 10 lenders .NGSEBNK10 led the gainers, up
2.81%. Dangote Cement DANGCEM.LG , which accounts for around a
third of market value, rose 1.69%.
Nigerian funds had been switching back to equities from
fixed-income securities, hoping for a stock market rebound later
this year.
A total of 36 companies advanced while three were unchanged.
Five firms declined with a hundred others recording no trades.

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