Nigerian stocks advanced for second trading session on Monday in continuation of a swift rally that began on Friday, pushing the benchmark index further north to 48,270.3 points.
The equity market of Africa’s largest economy is showing an unusual resilience this year, having survived four successive interest rate hikes this year alone and faced with muted cash-flow from overseas investors, a majority of them fearing Nigeria’s forex crisis could get their investment stuck.Turnover contracted by almost as much as half although the size of Monday’s trade bettered Friday’s by 16 per cent.