ABUJA, May 8 (Reuters) - Nigerian stocks ended a nine-day
winning streak on Friday, falling 1.27% after real estate firm
UPDC UACPROP.LG and second-biggest listed firm MTN MTNN.LG
dragged the index lower.
The main stock index .NGSEINDEX , which is down 9.3% in the
year to date, closed at 24,045 points, declining from this
week's eight-week high.
Nigerian funds had been switching back to equities from
fixed-income securities, hoping for a stock market rebound later
this year after a coronavirus-induced rout in oil prices
prompted foreign investors to sell off their
holdings.
Shares in UPDC's parent firm UAC UACN.LG fell 0.73% to
6.80 naira, a day after the Nigerian conglomerate said it would
unbundle its majority stake in its loss-making real estate arm
by July.
Shares in UPDC fell the most on Friday. down 8% to 0.92
naira.
MTN Nigeria stocks shed 6.67% to 112 naira.
A total of 17 companies declined while four were unchanged.
Fifteen firms advanced with a hundred others recording no
trades.