ABUJA, Nov 13 (Reuters) - Nigerian stocks dropped 0.86% on
Friday, ending a five-day winning streak, as investors sold
equities following strong gains across sectors at the previous
session.
The all share index .NGSEINDEX fell to close at 35,037.46
points on losses mostly from the banking sector. The index of
Nigeria's top 10 lenders .NGSEBNK10 shed 5.35% to lead the
decliners.
Nigerian stocks surged on Thursday, posting their biggest
daily gain in more than 5-1/2 years after the index rose 6.23%
as domestic funds piled into shares, prompting some to book
profits. Traders said their buy order books are strong, signalling
that the rally continues, one analyst said, especially with the
low yields on the fixed income market and excess cash on the
money markets.
Mid-tier lender FCM FCMB.LG and insurer Aiico AIICO.LG
led the index down, shedding the maximum 10% allowed on the
bourse. Sterling Bank STERLNB.LG fell 9.92%.
A total of 38 companies declined and 27 firms gained, while
100 others saw no trades.
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Nigerian stocks end five-day winning streak after strong gains
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