ABUJA (Reuters) -Shares of Nigeria’s two biggest listed firms, MTN Nigeria and Dangote Cement, hit record highs on Wednesday, lifting the main stock index to a more than 13-year high, Refinitiv Eikon data showed.
Nigerian stocks have been rising this year as domestic investors pile into local equities in the wake of double-digit inflation and foreigners unable to repatriate cash abroad re-invest in top-rated shares.
Stocks are up 21.3% so far this year, extending last year’s gains of 6.1%.
MTN Nigeria rose 9.21% to 262.10 naira, while Dangote Cement, which accounts for around a third of market capitalisation, climbed 2.6% to 300 naira.
The main share index rose 1.99% to 52,838.45 points, a level last seen in July 2008.
A total of 42 companies advanced on Monday while 27 declined, with more than 100 others recording no trades.
(Reporting by Chijioke Ohuocha; Editing by Catherine Evans and Alex Richardson)
