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Nigerian stocks extend losses as banks, consumer shares fall

Published 16/11/2020, 16:32
© Reuters.

ABUJA, Nov 16 (Reuters) - Nigerian stocks extended losses on
Monday, shedding 0.69% after last week's winning streak as
investors sold shares in the relatively liquid banking and
consumer goods sector to book gains.
The all share index .NGSEINDEX fell to close at 34,795.82
points after the banking index .NGSEBNK10 shed 4.43% to lead
the decliners. Consumer goods stock index .NGSEFBT10 dropped
Nigerian stocks declined on Friday after the index surged
9.6% in the week as domestic funds piled into
shares. Traders expected the selling to be short-lived as fixed
income yields stay low with excess cash on the money markets.
Airline cargo firm NAHCO NAHCO.LG and energy firm Oando
OANDO.LG each fell the maximum 10% allowed on the bourse.
Dangote Sugar DANGSUG.LG , Fidelity Bank FIDELIT.LG ,
Sterling Bank STERLNB.LG , Transcorp TRANSCO.LG and Ecobank
ETI.LG fell more than 9.5% each.
A total of 43 companies declined and 11 firms gained while
100 others saw no trades.

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