Nigeria, May 12 -- Fairly strong first-quarter results continued to power upbeat sentiments among investors in Nigerian stocks as the main equity index advanced for the third straight last week, with the consumer goods index leading the charge.

The main stock index appreciated by 2.5 per cent, one of the fastest rates this year, taking the year-to-date yield on Nigerian stocks to 5.6 per cent.

"Generally, investors await Monetary Policy Committee (MPC)'s decision in their upcoming meeting in May," analysts at United Capital said going into the week.

"Concurrently, retail investors are engaging in profit-booking, resulting in selloffs that impede the consistent upward movement of stock prices," they added.

With the Central Bank of Nige...