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ABUJA, Nov 9 (Reuters) - Nigerian stocks rose 3.16% in early
trade on Monday to their highest in more than 20 months, as
excess cash in money markets fuelled demand for banks and some
heavyweight shares.
The all share index .NGSEINDEX had climbed to 32,029
points by 1014 GMT, a level last seen on February 2019.
Banking stocks .NGSEBNK10 rose 4.16%, while Dangote Cement
DANGCEM.LG , which accounts for around a third of the market's
capitalisation, gained 6.02%. MTN MTNN.LG , Nigeria's second
biggest listed company, was up 4.24%.
Stocks have been rising since last month as funds pile into
equities, spurred on by low interest rates and as early third
quarter corporate earnings showed some companies have weathered
the impact of the COVID-19 crisis. Domestic investors have led the rally, said Ahmed Jinad,
head of research at Meristem Securities, adding that funds had
been rotating out of fixed income due to low yields on the debt
market.