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Nigerian stocks extend losses to one-week low

Published 17/11/2020, 16:33
Nigerian stocks extend losses to one-week low
OANDO
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WAPIC
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NGSEINDEX
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NGSEFBT10
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NGSEOILG5
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ABUJA, Nov 17 (Reuters) - Nigerian stocks dropped 1.59% on
Tuesday to almost a one-week low, extending losses for the third
straight session as investors booked profits following recent
gains and oil prices retreated.
The all-share index .NGSEINDEX fell to close at 34,242.83
points after the consumer goods .NGSEFBT10 and oil indexes
.NGSEOILG5 each dropped more than 3% to lead the decliners.
Nigerian stocks had declined on Friday after the index
surged 9.6% in the week, as domestic funds piled into shares and
oil prices rose to a more than 2-month high above $45 a barrel,
buoyed by expectations that OPEC+ producers would keep supplies
tight and news of a second promising COVID-19 vaccine.
Oil prices fell back on Tuesday, as tightening
coronavirus-driven restrictions spurred caution. Energy firm Oando OANDO.LG and insurer Wapic WAPIC.LG
each fell the maximum 10% allowed on the bourse.
A total of 30 companies declined and 17 firms gained, while
100 others saw no trades.

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