LAGOS DECEMBER 14, 2016 – Nigeria’s main stock index jumped to a five-week high on Wednesday, climbing 1.29 percent, as rising prices for crude oil, the mainstay of the Nigerian economy, led to gains for oil and banking shares.
The stock market gained for the second straight day, rising above 26,000 points, a level last seen on Nov. 8.
On Wednesday, the president presented a record 7.29 trillion-naira ($23.94 billion) budget for 2017 to lawmakers, hoping that the recent rise in crude prices would support government spending next year, which also lifted equities.
The government struggled to fund its 2016 spending plan as oil prices stayed low.
Shares of fuel retailer Forte Oil rose the maximum 10 percent the stock exchange allows. Gas producer Seplat rose 6.7 percent. Pan-African bank Ecobank rose 4.9 percent and Diamond Bank 3.5 percent.