Nigerian stocks extend winning streak for sixth session

ABUJA: Nigeria’s share index rose for the sixth straight session on Friday, gaining 2.04% to reach its highest in five weeks, after heavyweight telecoms stocks gained, Refinitiv data showed.

Investors have been piling into equities as fixed income yields lag inflation despite central bank’s rate hikes. The index closed at 47,554.34 points.

The African unit of India’s Airtel with a dual listing in London rose 7.41% in Lagos while the Nigerian arm of South Africa’s MTN climbed 5%.

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The telecoms sector grew 10.5% in the third quarter, the country’s statistics office said on Thursday, helped by the relaxation of restrictions on new SIM registration.