ABUJA (Reuters) – Nigerian stocks rose to a two-month high on Tuesday a day after new President Bola Tinubu promised to reboot an economy plagued by low growth and high inflation at his inauguration.
Stocks extended gains to 3.06% in midday trades to a level last seen on March 30 as investors cheered news of reforms to the currency market, the removal of a fuel subsidy and other moves which could bode well for the economy.
“The market is positive about the new president and the reform plans,” Tajudeen Ibrahim, director of research at investment firm Chapel Hill Denham, said .
“These plans largely speak positive for the economy. They are an indication of economic recovery if the majority of these agenda points are implemented.”
(Reporting by Chijioke Ohuocha; Editing by Andrew Heavens)
