Nigerian stocks rise to three-week high, extend 2017 rally

LAGOS: Nigerian stocks rose to a three-week high on Thursday, lifted mostly by gains from the relatively liquid banking sector, to continue 2017's rally.

Nigeria's main share index rose 1.7 percent, its second day of gains this year, to 38,844 points. Last year the index recorded its biggest gain since 2013, up 42 percent, and traders had said they expected further gains.

The index of Nigeria's top 10 lenders rose 3.5 percent after climbing 73 percent last year.

Analysts expect mid-tier lenders such as Fidelity Bank , FCMB and Diamond Bank to lead the market this year.

Diamond Bank, FCMB and Sterling Bank each climbed more than 9 percent while Dangote Flour Mills rose the maximum 10 percent allowed.