Nigerian equities rise to more than one-month high

Nigerian stocks extended gains on Monday, rising to a more than one-month high as investors snapped up shares in the relatively liquid banking sector and heavy weight Dangote Cement gained.

The main stock index, which has had a lacklustre performance this year, was up 0.7% at 27,965 points, a level last seen in July although the market is still down 12% in the year to date.

The healthy rise came on the day economists in Lagos sought to forecast the revenue windfall likely to come for Nigeria on account of the about 20% jump in oil prices following the Saudi oil installation attacks.

Source: Business day, September 17, 2019