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Nigeria stocks rise for seventh day to three-year high


Reuters

LAGOS, Dec 7 (Reuters) - Nigerian stocks rose for the seventh straight day on Thursday and reached a three-year high, led by consumer goods and banking shares.

The main index climbed 1.17 percent to near 40,000 points, a level it last got to on October 2014. The index of Nigeria's top 10 consumer stocks rose 2.68 percent, followed by banks, up 1.77 percent.

Nigerian stocks have been rising on strong demand for shares of mid-tier banks and some local companies. Investors have been snapping up shares to positions for year-end earnings, hoping for dividends, traders say.

Union Bank gained 10.1 percent, the maximum allowed on the bourse. Airline services firm NAHCO, agricultural firm Okomuo Oil and Fidelity Bank were each up more than 7 percent.




This article appears in: Politics , US Markets , Stocks


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