LAGOS May 2 Nigerian stocks hit a three-month
high on Tuesday, lifted by company earnings results that
outperformed market expectations and hopes that a new
currency-trading window will help lure investors back to
Africa's biggest economy, analysts said.
The market all share index rose 0.77 percent to
25,965 points, led higher by banking and oil
In a client briefing note, Vetiva Capital noted corporate
results were better than expected and said it anticipated
increased demand for Nigerian stocks this week.
Dangote Cement, owned by Africa's richest man
Aliko Dangote, which accounts for a third of the market
capitalisation, reported a 34 percent rise in post-tax profit,
beating the market consensus.
In a boost for investors in Nigerian equities, the central
bank last week allowed portfolio investors to trade the naira
currency at a market-determined exchange rate and increased
dollar sales on the interbank market.
After the slump in the global price of oil, Nigeria's main
export, the central bank imposed a raft of capital controls to
protect its dwindling hard currency reserves.
(Reporting by Chijioke Ohuocha; Editing by Mark Trevelyan)