Nigeria stocks rise to more than seven-month high

ABUJA: Nigerian stocks rose 1.59% to a more than seven-month high on Thursday, after the biggest listed firm, Dangote Cement , gained.

The all-share index extended gains for the second straight session to 40,221.17 points.

Nigeria equities hit a peak of 42,472.56 points at the end of January, extending a 2020 rally that saw stocks finish 50% higher to emerge as one the best performers in the world.

However, the equity rally ended as investors shifted into fixed income securities and dollar-based investments to hedge against currency weakness and excess naira liquidity on money markets.

One trader said the buying interest in Dangote Cement, majority-owned by Africa's richest man, Aliko Dangote, extended to Thursday from the previous day.

Zambian Kwacha seen weaker, other African currencies stable

Shares in 20 companies rose on Thursday, while 14 declined and another 100 recorded no trades.

Two pharmaceutical firms, May & Baker and Pharmdeko, rose more than 9% while Dangote Cement, which accounts for a third of market capitalisation, rose 7.28%. text**