Nigerian stocks extend gains to hit new 3-year high

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Nigerian stocks gained for the sixth straight day on Wednesday to hit a new three-year high as investors bought consumer goods and banking shares.

The main share index climbed 1.46 percent to cross 39,000 points, a level last seen in October 2014. The index of Nigeria’s top 10 banks rose 2.76 percent, followed by consumer stocks up 1.43 percent.

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 percent so far in 2017, recovering from losses earlier in the year after the central bank in April lifted currency controls for foreign investors.

FBN Holdings gained 10.12 percent, the maximum allowed on the bourse. Transcorp, Diamond Bank and FCMB were each up more than 9 percent.

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