Nigeria’s stock market surged on Tuesday after a quiet but powerful rule change released fresh money from the country’s pension funds into equities.
Shares listed on the Nigerian Exchange Limited added N1.8 trillion in value in a single session, one of the strongest daily gains in recent months, after the National Pension Commission (PenCom) raised the limit on how much pension fund managers are allowed to invest in stocks.
The decision matters because pension funds control a large pool of long-term savings.
Nigeria’s stock market surged on Tuesday after a quiet but powerful rule change released fresh money from the country’s pension funds into equities.
Shares listed on the Nigerian Exchange Limited added N1.8 trillion in value in a single session, one of the strongest daily gains in recent months, after the National Pension Commission (PenCom) raised the limit on how much pension fund managers are allowed to invest in stocks.
The decision matters because pension funds control a large pool of long-term savings.