World Markets

Nigeria stocks rise to 9-month high after easing of curfews

Credit: REUTERS/AFOLABI SOTUNDE

Nigerian stocks climbed to a nine-month high on Wednesday after curfews imposed last week to curb protests over alleged police brutality were eased and investors piled into consumer goods shares.

Changes dateline to Abuja, add details

ABUJA, Oct 28 (Reuters) - Nigerian stocks climbed to a nine-month high on Wednesday after curfews imposed last week to curb protests over alleged police brutality were eased and investors piled into consumer goods shares.

The share index .NGSEINDEX rose 1.58% to 29,437 points, the highest level since January. The index of Nigeria's top consumer goods shares .NGSEFBT10 gained 5.67%.

Nigeria's stocks had been rising in October following a central bank interest rate cut last month and as money market liquidity flowed into equities.

They fell last week after several states imposed round-the-clock curfews as demonstrations against police brutality turned violent and soldiers fired on protesters in the commercial capital of Lagos.

Lagos and other states have since eased the restrictions.

A total of 40 companies advanced and five firms declined, while a hundred others saw no trades.

Nestle NESTLE.LG led the gainers, rising the maximum 10% allowed on the bourse. FCMB Bank FCMB.LG, Conoil CONOIL.LG and Oando OANDO.LG each rose more than 9%.

(Reporting by Chijioke Ohuocha; Editing by Jon Boyle and Mike Harrison)

((chijioke.ohuocha@thomsonreuters.com; +234 703 4180 621; Reuters Messaging: chijioke.ohuocha.thomsonreuters@reuters.net))

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