Nigerian stocks powered higher Tuesday afternoon as the Lagos bourse Composite Index posted its biggest daily gain in more than five years.
The All-share index of the Nigerian Stock Exchange climbed 4.92 percent, its biggest daily gain since April 1, 2015.
Dangote Cement, MTNN, Nigeria Breweries, Stanbic and Zenith Bank were the top advancers.
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“I will tie the driver to the low-interest environment and to the realisation that low-interest rate might be here for a while,” Yinka Ademuwagun, Research Analyst, FMCGs, United Capital Plc said.
With a year-to-date return of 7.03 percent the NSE ASI stood at 28,909 points at market close on Tuesday from the previous close of 27,554.
