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UPDATE 1-Nigerian stocks climb to almost 3-year high

Published 30/12/2020, 13:39
© Reuters.

(Adds details, background)
By Chijioke Ohuocha
ABUJA, Dec 30 (Reuters) - Nigerian stocks climbed 1.12% to a
near three-year high on Wednesday as the biggest listed firm,
Dangote Cement DANGCEM.LG , commenced a share buyback and funds
piled into equities to fill year-end allocations.
The all share index .NGSEINDEX rose to 39,548.23 points by
1217 GMT, its highest level since May 2018. Overall gains on the
index in 2020 reached 47.4% on Wednesday, its best performance
in 17 years.
Stocks have been rising since October after the central bank
unexpectedly cut interest rates the previous month to try to
lift the economy out of its second recession in four years,
triggering a re-rating on stocks. The central bank has said it
expected the recession to end early next year.
Nigeria's money market has had excess liquidity this year
after offshore funds dumped local assets when the novel
coronavirus pandemic caused oil prices to crash.
Dangote Cement started to buy back 85.2 million shares on
the stock market on Wednesday, in a deal valuing the repurchase
at $53 million based on the company's current price.
Rival clinker mixer BUA Cement BUACEMENT.LG gained the
maximum 10% allowed on the bourse, days after it announced
expansion. = 380.70 naira)

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