Nigeria stock index hits 20-month high, 27,000 points

LAOGS, Oct 10 (Reuters) - Nigeria's share index climbed to a20-month high to the cross 27,000 point threshold on Thursday,driven higher by gains in banking and commodities stocks.

Shares in Diamond Bank rose 9.83 percent to4.47 naira per share, their second day in a row of rising almostthe maximum 10 percent allowed, boosted by strong earnings.

The lender on Tuesday said its nine month pretax profit hit23.2 billion naira, up from a loss of 6.9 billion naira duringthe same period a year ago.

Diamond Bank is one of the 25 stocks eligible for marketmaking under a new stock exchange system meant to boostliquidity, so its share price can rise up to 10 percent a day,up from the old 5 percent limit that still holds for moststocks.

Nigeria's share index has gained almost 30 percent thisyear, one of the best performing frontier markets in Africa. Thelast time it went above 27,000 was February 2011.

Other gainers included heavyweight Dangote Sugar, and Sterling Bank up more than 9.5percent each.

(Reporting by Chijioke Ohuocha; Writing by Tim Cocks)

((tim.cocks@thomsonreuters.com; +234 803 400 4248;))


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