LAGOS: Nigeria's main stock index rose to above 43,000 points on Thursday, a level last seen in October 2008, after local and foreign funds bought shares across several sectors.
Stocks have gained strongly in January, extending 2017's 43 percent rise. Equities rallied for the sixth day on Thursday, climbing 2.9 percent to add to a 9.3 percent rise since the start of the year.
Last year's gain was the biggest since 2013, and traders had said they expected further advances fuelled by hopes of lower interest rates and a more stable currency.
On Wednesday stocks posted their biggest one-day gain in seven months.
Traders said foreign investors are taking positions in consumer goods while local pension funds snapped up shares in a switch from bonds, where the outlook for yields is negative as government seeks to lower its borrowing costs.
Year-end results due in March are also helping lift sentiment towards equities, traders said, especially after data showed that Nigeria's forex reserves had started to increase after a currency crisis, a sign of support for the naira.
The index of Nigeria's top 10 lenders led the charge, rallying 4.4 percent.
The oil and consumer sectors rose more than 2 percent each.
Fidelity Bank, Honeywell Flour Mills , CCNN and Champion Brewery each rose more than 9 percent.
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