Nigerian benchmark stock index rose 1.9% at close yesterday, moving the year-to-date gain to the most in 17 years.
The Lagos bourse closed with 50% gain at 40,270.7 points, most since December 2007. The equity index is the world leader among the 93 stock indexes tracked by Bloomberg.
Some of the companies that posted the most positive return for the year include Equity Assurance Plc at 400%, Neimeth International Pharmaceuticals 260% and FTN Cocoa Processors, which climbed 230%.
Dangote Cement’s share buy-back, which commenced on Wednesday and ended Thursday, boosted market performance, adding to the positive trading close for the year, United Capital said in a note to clients.