Nigeria, April 20 -- Nigerian stocks advanced strongly last, with the benchmark equity index rising by 6.6 per cent, driven by increased investors' interest in oil & gas stocks. The market has so far returned 39.6 per cent this year.

A good number of banks are yet to issue their earnings report, and hopes are high that declaration of dividends by the lenders could boost liquidity in the market in the weeks ahead.

"Dividend payments and upcoming qualification dates are expected to remain key catalysts, driving sustained positioning in yield-attractive stocks-particularly within the banking space," said analysts at investment bank Meristem Securities in their outlook early in the week.

"In addition, the recent reclassification of Nigeria...