May 5, 2020 / 12:52 PM / a month ago

Nigerian stocks rise to eight week high after lockdown is phased out

ABUJA, May 5 (Reuters) - Nigerian stocks rose 1.84% on Tuesday to an eight-week high as shares gained across sectors a day after the government started a gradual easing of a coronavirus lockdown.

The stock market, which has lost 14% so far this year, rose for the seventh straight session to 23,504 points, a level last seen in March.

Nigerian funds have been switching back to equities from fixed-income securities, hoping for a stock market rebound later this year after a coronavirus-induced rout in oil prices prompted foreign investors to sell-off their holdings. (Reporting by Chijioke Ohuocha; Editing by Alex Richardson)

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