The bullish run at the Nigerian Stock Exchange NSE continued on Wednesday with the stock index rising to an 11-month month high lifted by gains in the banking sector following strong earnings and an increase in foreign capital inflows.
The index has risen for seven straight days and was up more than 1 percent on Wednesday, closing at 23,277.30 points, the highest since August 8 2011 when it reached 23,400 points.
The index is up 12 percent year-to-date, recouping earlier losses it sustained due to dwindling oil prices in May and weak global risk appetite in the wake of on-going European economic turmoil.
The market capitalization has now crossed over to N7.4trillion.
Food giant nestle leads other top gainers with a N5 advance, closely followed by Nigerian breweries which gained N3.
The least favourite stocks for Wednesday was New Gold on top of the list with a N32 loss.
Banks top the most traded stocks table with sterling bank pulling the highest volume at over 43 million units.