Nigerian stocks hit 10-week high after oil prices gain

• The best performer was Stanbic IBTC Bank, the Nigerian unit of Standard Bank, which rose 10pc - the maximum allowed on the bourse.
• BUA Cement climbed 9.88pc after announcing a dividend payment.

ABUJA: Nigerian stocks rose 1.3pc on Thursday to a 10-week high after a rise in oil prices helped lift shares in the banking and energy sectors.

The all-share index rose for a fourth straight session to 24,758 points, its highest level since March 10. The index of Nigeria's top 10 lenders and oil stocks led the gainers, each up by more than 1.4pc.

The best performer was Stanbic IBTC Bank, the Nigerian unit of Standard Bank, which rose 10pc - the maximum allowed on the bourse.

BUA Cement climbed 9.88pc after announcing a dividend payment.

Nigeria's equity market has fallen 8.9pc so far this year as foreign investors sold off frontier market assets following a coronavirus-induced oil price crash which triggered global risk aversion.

Oil is Nigeria's biggest export and oil prices have recently picked up. They rose on Thursday to their highest since March, supported by lower US crude inventories, OPEC-led supply cuts and recovering demand as governments ease restrictions on people's movements imposed due to the coronavirus crisis.

A total of 30 stocks rose on Thursday while five were unchanged. Nine stocks declined and 100 others recorded no trades.