Nigeria SE Rises 2.2% to 41,241.55; Guaranty Trust Leads Advance

LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index rose for the fifth day, climbing 2.2 percent, or 878.58 to 41,241.55. The index advanced to the highest level in at least a year. The MSCI Emerging Markets Europe, Middle East and Africa Index declined 1 percent.

Guaranty Trust Bank Plc contributed the most to the advance, rising 5 percent. Dangote Flour Mills Plc increased 10 percent, the biggest gain. Newrest Asl Nigeria Plc fell 4.9 percent, the biggest loss. The biggest movers also included: Zenith Bank, up 6.7 percent; and Nestle Nigeria, up 3.4 percent.

In the past year, the index had a similar or greater gain 11 times and continued to rise the next day by an average 1.4 percent. It advanced eight times for an average 2.2 percent and declined three times for an average 0.8 percent.

Today, 47 of 159 shares rose, while 2 fell. The Nigeria SE is up 7.8 percent so far this year. The index is 68 percent above its 52-week low of 24,547.37 reached on March 7.

The Nigeria Naira was unchanged at 360.33 against the U.S. dollar.