The Nigeria Stock exchange (NSE) index rose to one year high yesterday, lifted largely by gains in food and household products maker Nestle, which has risen for 13 consecutive days on strong dividends.
Nigeria, Africa’s second biggest index, has consistently gained in the last four days and it closed 0.59 per cent or 23,670.11 points, its highest since Aug. 3, 2011, when it closed at 23,858 points.
The index has risen by 14.65 per cent this year, rebounding from its 2011 losses caused by panic over the Eurozone crisis.
Nestle climbed 4.75 per cent to N551.31, making it the highest valued share on the local bourse. Dealers said the move was driven by high dividend payouts.
Other gainers included Flourmills, up 2.88 per cent, and Ashakacem, up 2.11 per cent.