Nigerian stocks hit a 23-month high on Monday, extending last week’s rally and helped by gains in cement, fuel retailing and banking shares.
A pickup in oil prices and a more stable currency have improved economic prospects in Nigeria, prompting investors to buy into the stock market, according to Reuters.
Shares rose on Monday for the fifth consecutive session, with Dangote Cement, which accounts for a third of the market’s value, surging 8.85 percent.
It helped push the benchmark index up 4.01 percent to cross 32,000 points in early trade.
First Bank jumped by its 10 percent maximum limit to trade at 7.07 naira, the highest level since July 30, 2015, while gasoline retailer Mobil Oil was also up 10 percent, at 319.72 naira.
The banking index rallied 11.6 percent, outperforming the overall market as fund managers took positions in…
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