Nigerian Stocks Surge Most Since 2015, Trigger Circuit Breaker
- Traders turn to equities as yields on short-term debt drop
- Rally has pushed market to technically overbought levels
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Nigerian stocks surged the most in more than five years on Thursday and triggered a market-wide circuit breaker for the first time as traders bought up shares in a hunt for assets with attractive yields.
The Nigerian Stock Exchange All Share Index jumped by 6.2%, its steepest increase since April 2015. As the gains in the benchmark index raced beyond 5%, an automatic 30-minute trading halt was activated for the first time since its introduction in 2016, the exchange said in a statement.