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Nigeria stocks rise second day as banks, consumer goods rally

Tue 5th June, 2018 3:31pm
LAGOS, June 5 (Reuters) - Nigerian stocks gained for the
second day on Tuesday, climbing 2.46 percent, after shares of
banking and consumer goods firms rallied.
    Nigeria's stock market rose 16 percent in the first quarter,
helped by rising oil prices, but it has seen a sell-off and is
down 3.4 percent on the year as rising U.S. interest rates hit
emerging markets.
    Stocks fell to six-month lows on Friday.  urn:newsml:reuters.com:*:nL5N1T34B2
    But bargain hunters moved in on Monday, ending the decline,
and continued to snap up low valuations on Tuesday.  urn:newsml:reuters.com:*:nL5N1T34PU
    The index of Nigeria's top 10 lenders  .NGSEBNK10  rose 3.2
percent and consumer stocks  .NGSEFBT10  gained 2.7 percent.
    The main index  .NGSEINDEX  rose 2.46 percent to 37,854
    Oando  OANDO.LG  rose 9.8 percent, followed by International
Breweries  INTBREW.LG  up 7.69 percent and Dangote Sugar
 DANGSUG.LG  6.3 percent.
    Zenith Bank  ZENITHB.LG , Wema Bank  WEMABAN.LG , Skye Bank
 SKYEBAN.LG , Unity Bank  UNITYBN.LG , FBN Holdings  FBNH.LG ,
FCMB  FCMB.LG , Fidelity Bank  FIDELIT.LG  and Diamond Bank
 DIAMONB.LG , each gained more than 4 percent.

 (Reporting by Chijioke Ohuocha
Editing by Andrew Heavens)
 ((chijioke.ohuocha@thomsonreuters.com; +234 703 4180 621;
Reuters Messaging: chijioke.ohuocha.thomsonreuters@reuters.net))
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