Nigerian stock index crosses 100,000 points for first time

ABUJA: A key Nigerian stock index crossed 100,000 points for the first time in early trade on Wednesday, extending gains for the 10th consecutive session as investors snap up shares because of rising inflation.

The All-Share Index rose 2.3% to 100,911 points, taking its year-to-date gain to close to 35%, LSEG data showed.

Nigerian stocks rally, cross psychological level of 70,000 for first time

The Top-30 Index was up 2.4%.

The rally is being driven by funds buying stocks to counter the impact of rising inflation in Africa’s largest economy, one trader said.

Inflation has risen for 12 straight months, hitting its highest in more than 27 years at 28.92% in December and piling more pressure on the central bank to raise interest rates.