Nigerian stocks hit new two-year highs, led by banking sector
Nigeria's benchmark index hit new two-year highs on Tuesday, led by banking shares after the central bank said it was committed to opening up the local currency market to investors.
The index rose 2.54 percent, hurdling the 35,000-point level to post its second consecutive day of gains. The banking index jumped 2.62 percent.
Traders said prices were supported by buying on an optimistic outlook for half-year company results.
Dangote Cement, which accounts for a third of total market capitalisation, gained 4.9 percent, while Forte Oil rose 9.39 percent and United Bank for Africa climbed the maximum of 10 percent.
Other gainers included Union Bank, up 9.21 percent, Flour Mills of Nigeria up 4.98 percent, Oando up 4.67 percent and Fidelity Bank up 4.76 percent.