Nigerian bourse extends gains to hit new 3-year high

Nigerian stocks gained for the sixth straight day on Wednesday to hit a new three-year high as investors on the Nigerian Stock Exchange (NSE) showed great interest in consumer goods and banking shares.

The market All-Share Index climbed 1.46 per cent to cross 39,000 points, a level last attained in October 2014. The index of Nigeria’s top 10 banks rose 2.76 per cent, followed by consumer stocks up 1.43 per cent.

Investors have been snapping up some consumer goods and banking shares in anticipation of strong earnings and the possibility of dividend payments, especially after Nigeria emerged from recession in the second quarter.

The index has gained 43 per cent so far in 2017, recovering from losses earlier in the year after the Central Bank of Nigeria in April lifted currency controls for foreign investors.

FBN Holdings led the day gainers with 10.12 percent value addition, the maximum allowed on the bourse.

Transcorp, Diamond Bank and FCMB were each up more than 9 percent.