Nigerian Stocks Surge 3.71% as Investors Flee Fixed Income

Nigerian stocks are the beneficiaries of a slide in fixed income yields as equities rose by 3.71 percent Wednesday.

The NSE all share index (ASI) surged by 1,093 points to 30,530.69 points led by gains in blue chips like MTN Nigeria +2.86%, Guaranty Trust Bank (GTB) +4%.

Yields in fixed income securities in Nigeria have fallen to the lowest in decades, leading to a rotation by fund managers into stocks.