Nigerian stocks stretched their run of gains into the tenth trading day in a row on Wednesday as investors piled more funds into shares and buy pressure drove the main stock index beyond the 100,000 basis points mark to its peak level ever.
The all-share index touched a new high of 101,571.1 points, after adding 3 per cent according to Nigerian Exchange data, less than a week after the country’s equity market displaced Argentina’s to become the world’s best-performing bourse. That puts the overall return on the Nigerian equity market in the last 52 weeks at 93.1 per cent.
Stocks are up to a great start in Africa’s largest economy this year as the central bank warms up to join the push by the Nigerian Government to attain a $1 trillion economy by 2030, having announced late last year that lenders will be obliged to raise their capital levels to back the plan.
