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UPDATE 1-Nigeria stocks fall to 5-week low on coronavirus, lower oil price

Published 30/06/2020, 15:57
Updated 30/06/2020, 16:00

(Adds details)
By Chijioke Ohuocha
ABUJA, June 30 (Reuters) - Nigerian stocks fell to a
five-week low on Tuesday as moves to relax some coronavirus
curbs stirred fears of new spikes while prices dropped for the
nation's main export earner, oil.
After two days of gains, the all-share index .NGSEINDEX
was down 1.53% to 24,479 points, a level last reached in May.
Africa's most populous country has had more than 25,000
COVID-19 infections and 573 deaths, with cases mounting daily
but lack of clarity over a peak due to patchy testing.
Authorities said late on Monday they will let people travel
between states outside curfew hours from July 1, ending a
lockdown that has snarled logistics and movement. A senior official said the government was trying to strike a
"delicate balance" between protecting livelihoods and health.
Nigerian shares slumped at the start of a
coronavirus-induced lockdown in early April, but climbed again
when oil prices recovered. Oil prices slipped on Tuesday,
however, on global fears over rising COVID-19 cases and a
possible return of Libyan oil production. Nigerian stocks are down 45.6% from a January 2018 peak when
the index topped 45,000 points.
A total of 34 companies declined on Tuesday, led by
industrials, while ten advanced and 100 others recorded no
trades.
BUA Cement BUACEMENT.LG and Cadbury CADBURY.LG were the
strongest losers, down 10% each, the maximum allowed on the
bourse. Unity Bank UNITYBN.LG , Nigerian mid-tier lender, shed
9.43%.

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