Nigerian stocks hit 10-week high after oil prices gain

The best performer was Stanbic IBTC Bank

  

ABUJA- Nigerian stocks rose 1.3% 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 1.4%.

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

BUA Cement climbed 9.88% after announcing a dividend payment.

Nigeria's equity market has fallen 8.9% 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 U.S. 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.

(Reporting by Chijioke Ohuocha; Editing by Susan Fenton) ((chijioke.ohuocha@thomsonreuters.com; +234 703 4180 621; Reuters Messaging: chijioke.ohuocha.thomsonreuters@reuters.net))

More From Equities