• Tuesday, July 23, 2024
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Nigerian stocks gain, buoyed by oil price


Nigerian shares rose on Friday as investors, encouraged by gains in the price of oil, sought bargains in a market that has fallen sharply this month.

The main index rose 1.34 percent to close at 23,916 points, with the banking, petroleum and food sectors leading gains.

Sub-Saharan Africa’s second-largest stock index has fallen 17.6 percent so far this year on falls in the naira currency and in crude, Nigeria’s main export.

“Attractive valuations continue to sway investor sentiments towards equities, despite challenges on the domestic macro terrain,” United Capital said in a note to clients, forecasting a further bout of bargain hunting.

Shares of food maker Cadbury gained the most, rising 8.3 percent, while Dangote Sugar was up 8 percent and Zenith Bank 7.2 percent.