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Nigerian stocks record biggest daily rise in 5-1/2 years

10/06/2020 | 10:03am EST
A security officer checks a man outside the Nigerian Stock Exchange in Lagos

ABUJA (Reuters) - Nigerian stocks posted their biggest daily gain in 5-1/2 years on Tuesday, after shares rose for the 12th straight day as money market liquidity flowed into equities, traders said.

The all share index rose 4.36%, the largest percentage gain since April 2015, to reach an eight-month high.

Shares gained 8.3% in April 2015, when Muhammadu Buhari became the first Nigerian to oust a president through the ballot box, putting him in charge of Africa's biggest economy.

They have been rising since last month after the central bank unexpectedly cut interest rates to spur growth, triggering a re-rating on the stock market.

Domestic funds have fuelled the recent stock market rally after rotating out of the debt market due to low yields.

With the rally, stocks, which fell 14.6% last year, have erased their losses so far this year.

On Monday, Fitch affirmed the credit rating of some of Nigeria's top lenders, lifting the banking sub-index higher by 7.15%.

Nigeria's money markets are awash with liquidity after foreign investors dumped local assets when the novel coronavirus pandemic caused oil prices to crash earlier this year.

Offshore funds stuck in Nigeria due to poor dollar liquidity to repatriate funds have held back from further sales, traders say, adding that recent stock gains have been on thin volumes.

FBN Holding, Access Bank, Oando, Lafarge Africa, United Bank for Africa, Wema Bank and Dangote Cement rose more than 9%.

A total of 38 companies advanced and eight firms declined, while a hundred others saw no trades.

(Reporting by Chijioke Ohuocha; Editing by Alison Williams and Ed Osmond)

By Chijioke Ohuocha

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ACCESS BANK PLC -1.15% 8.6 End-of-day quote.-14.00%
DANGOTE CEMENT PLC 0.00% 205 End-of-day quote.44.37%
DOW JONES AFRICA TITANS 50 INDEX 0.36% 513.67 Delayed Quote.-4.72%
FBN HOLDINGS PLC -1.37% 7.2 End-of-day quote.17.07%
LAFARGE AFRICA PLC 0.00% 23 End-of-day quote.50.33%
LAFARGEHOLCIM LTD -0.12% 48.23 Delayed Quote.-10.07%
LONDON BRENT OIL 1.50% 49.52 Delayed Quote.-28.42%
S&P AFRICA 40 INDEX 0.49% 166.61 Delayed Quote.-4.02%
UNITED BANK FOR AFRICA PLC -5.20% 8.2 End-of-day quote.14.69%
UNITED BANK LIMITED 0.67% 122.69 End-of-day quote.-25.42%
WTI 1.55% 46.375 Delayed Quote.-28.04%
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