Nigerian stocks climbed higher on Tuesday as the main equity index added 0.8 per cent or N472 billion on the back of the news of an approved 50 per cent upward tariff adjustment by the Nigerian Communications Commission, fuelling demand for the shares of MTN Nigeria.
Telcos had originally asked the regulator to assent to their plan to hike tariffs.
MTN Nigeria is the country’s biggest company by market value after Dangote Cement and Airtel Africa, accounting for 8.5 per cent of market capitalisation, making its 10 per cent gain on Tuesday far-reaching.
The NGX Insurance was the best performer of the five sector indexes tracked by the bourse, reporting a 1 per cent improvement, driven by the substantial gains that Universal Insurance and Royal Exchange Insurance recorded.
“Investors are advised to trade cautiously this week, with a strict focus on equities with strong fundamentals and pending/potential corporate actions,” analysts at investment bank United Capital…
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