LAGOS (Reuters) - Nigerian stocks rose 1.5 percent on Wednesday in thin trade, led by heavy weight banks, adding to optimism that a surge in share prices last year will continue into 2013.
The index of Nigeria's top-10 banks on Wednesday gained 3.5 percent to help lift the all-share index up 424 points to 28,502 points by 1404 GMT.
Sub-Saharan Africa's second biggest index crossed a 28,000 point psychological level on Monday, hitting a 32-month high to close as the second best performing African stock market after Uganda, rising 35.5 percent in 2012.
Nigerian stocks recovered last year after falling 16 percent in 2011 but the market is still less than half the value it was prior to the 2008 collapse, which wiped off 60 percent of stock values and coincided with a banking crisis.
The index rose 70 percent in 2007.
Skye Bank rose the maximum 10 percent allowed for stock eligible for market-making on Wednesday, while Diamond Bank and FCMB each rose over 9 percent.
Source: http://news.yahoo.com/nigerian-stocks-continue-gains-1-5-pct-banks-142221344--finance.html
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