Nigerian stocks cross 40,000 index points to three-year high

LAGOS: Nigerian stocks crossed the 40,000 point mark on Tuesday to set a new three-year high as 2017's rally continued.

Nigeria's main index jumped 42 percent last year, its biggest gain since 2013, and traders had said they expected further gains fuelled by hopes of lower interest rates and a more stable currency.

Stocks rose for a second day after gaining 1.4 percent on Monday, to a level last seen in October 2014.

Shares of Nigeria's top five oil firms gained 1.16 percent, while banks climbed 2.34 percent and the consumer stocks index rose 0.77 percent.

Dangote Flour Mills rose the maximum 10 percent allowed while FCMB and Honeywell Flour Mills each climbed more than 5 percent.