LAGOS Dec 14 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.
The Organisation of Petroleum Exporting Countries and
non-OPEC producers last week agreed to curtail crude output and
prop up global prices, their first joint agreement since 2001.
More than two years of low prices have stretched budgets and
spurred unrest in some countries.
Nigeria's government gets around two-third of its revenues
from oil sales. The country is now facing a recession brought on
by the effects of low crude prices since mid-2014.
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
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.
($1 = 304.45 naira)
(Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha,