Stocks on the Nigerian bourse on Thursday gained the most in nearly six months after a move by the central bank to limit participation in high-yielding OMO bills sent real returns on treasury bills below zero, forcing big domestic investors back to equities.
The Nigerian Stock Exchange All-Share Index, the broad equity gauge, advanced 1.91 percent, its highest daily close since May 28, 2019, as attractively priced banking stocks led the gainers’ chart in the day’s trade, returning much-needed liquidity to one of the worst-performing stock markets globally.
At the end of trading in Lagos, Guniess rose 9.7 percent to N26 per share; Guaranty Trust Bank gained 6.79 percent to N29.9 per share; Zenith gained 7.8 percent to N19.15 per share, while Dangote Sugar and Access Bank gained 9.55 and 9.64 percent, respectively.
The banking sector significantly outperformed all sectors, closing 7.4 percent higher as all the five sectoral indices tracked by BusinessDay closed in the green.
