LAGOS (Reuters) – Nigeria’s benchmark stock index rose more than 3 percent on Thursday to its highest level in more than a month as some corporate investors moved to balance their portfolios ahead of the financial year-end.
The stock market, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, was up 3.1 percent, or 28,643 points, by 1250 GMT, touching its highest since Nov. 12.
The rise was driven by Nigerian Breweries, with a 9.7 percent rise, followed by Pan Africa banking group Ecobank with a 5 percent gain and Dangote Cement, which ticked up 3.1 percent.
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