Nigeria Stocks Jump in World-Beating Rally as Traders Hunt Yield
- Lagos market benchmark is the best-performing globally Tuesday
- Overbought signal triggered amid 12th day of gains for market
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Nigerian stocks surged by the most in more than five years, extending their rally to a 12th day, as meager local interest rates sent traders on a hunt for yields.
The Nigerian Stock Exchange All Share Index climbed 4.9% in Lagos, the sharpest gain since April 2015. The benchmark has soared 13% in the past month, more than any of the other 93 major global gauges tracked by Bloomberg, and is also the best-performing market in the world Tuesday. It’s on the longest winning run since July 2017.