Nigeria stocks hit 4-month high lifted by oil firm Oando

Nigerian stocks hit a four-month high on Tuesday, lifted by gains in oil firm Oando and improved investor sentiment towards the recession-hit economy.

The stock market rose 1.28 percent to 26,756 points. Oil firm Oando rose the maximum 10 percent allowed on the Lagos bourse, to its highest level in 18-months. Analysts say company first-quarter results have come in better than market expectations signaling that Nigeria’s economy may be starting to recover.

Chijioke Ohuocha