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Stocks end losing streak to gain 1.7%

By on June 30, 2017

Nigerian stocks ended a three-day losing streak on Wednesday to gain 1.67 percent, as investors piled into the market ahead of upcoming half-year financial results.

Investors sentiment turned bearish last week on the possibility that MSCI could downgrade Nigeria later in the year.

However, traders said expectations of improved results from some quoted firms have spurred demand.

The index of Nigeria’s top 10 banks, the most liquid sector, rose 3.16 percent to help lift the index .

United Bank for Africa rose 8.17 percent, Diamond Bank climbed 6.19 percent, while Dangote Cement , which accounts for a third of the market’s capitalisation, rose 2.25 percent to lift the index.

 

(REUTERS)