Nigeria Stocks Rise Most in World Even as Foreigners Remain Wary
- Overseas investors await further naira weakness: Investec
- Stock market up 8% since Tuesday, day after naira peg ended
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Nigeria’s stocks rose for a third day to their highest level in almost nine months as locals pounced following the end of the naira’s peg on June 20. Foreign investors may be waiting until the currency weakens further.
The Nigerian Stock Exchange All Share index jumped 3.1 percent to 31,071.25 in Lagos, the commercial capital, its highest close since Sept. 30. The benchmark has climbed 8 percent in the past three days, the most among 94 major equity indexes tracked by Bloomberg. The naira, which fell 30 percent on the first day it floated freely, dropped 0.5 percent to 284 against the greenback by 2:22 p.m.