LAGOS, June 19 Nigerian stocks rose to a fresh
two-year high on Monday, lifted by gains in cement and banking
shares extending a rally which started last month, traders said.
The main index climbed 0.96 percent to cross 34,000 points,
a level it last reached in May 2015.
Index provider MSCI this month increased Nigeria's weight on
its frontier index to 7.9 percent from 6.5 percent, meaning that
funds tracking it would buy shares to replicate the new weight,
In April the central bank allowed investors to trade the
naira at market rates, lifting a currency control for them, to
help boost confidence as Nigeria grapples with a currency crisis
and a recession brought on by low oil prices.
Share in Dangote Cement, which accounts for a
third of the market capitalisation, climbed 2.44 percent to lift
the index. Skyebank rose 8 percent, followed by
pan-African banking group, ETI which increased by 7.12 percent.
Nigeria's top 10 banking index has gained 51.2
percent so far.
(Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha and