Nigerian stocks rise further on bank stock gains

Nigerian stocks extended gains for a second straight session on Monday, with the benchmark index edging higher 0.29 per cent as investors’ exuberance for bank equities helped push stocks higher.

Big lenders Zenith and GTB drove gains, but the advance was somewhat limited by a drop of 4.84 per cent in the shares of Flour Mills that helped the consumer goods index take bottom rung of the performance ladder.

The banking index was the best-performing of the five sectorial indices tracked by the bourse, advancing 2.89 per cent to 364.50 basis points.

The…