LAGOS: Nigerian stocks rose to their highest in more than three years on Tuesday after gaining for five straight days as foreign investors snapped up shares ahead of year-end earnings, traders said.
The main share index climbed 1.06 percent to rise above 38,000 points, a level it last reached in October 2014.
Investors are taking positions in some consumer goods and banking stocks, in anticipation of strong earnings and the possibility of dividend payments, traders said.
The index has gained 41.3 percent so far this year, recovering from losses sustained earlier in the year after central bank in April lifted currency controls for foreign investors.
Traders said daily volumes have risen to $20 million from $10 million just after the curbs were removed.
Dangote Cement, which accounts for around a third of the index's market capitalisation, rose 1.71 percent to 250 naira. Other big gainers included Cadbury, FCMB both up more than 7 percent.
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