Nigerian stocks move up six-week high

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By Okafor Joseph

LAGOS, Oct 9  – Nigerian stocks climbed 1.3 percent on Monday to hit a six-week high after its biggest listed firm Dangote Cement and some consumer goods companies gained.

The main share index rose for the fourth straight day on Monday to near 37,000 points, a level it last reach in August.

Foreign investors and pension funds have been buying shares since September ahead of third quarter earning season due to start this month, traders said, driving the index higher.

Dangote Cement, which withdrew its bid for South African cement rival PPC on Friday, gained 2.94 percent to 224 naira.

The index of Nigeria’s oil and consumer goods stocks each rose more than 1 percent.

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