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CORRECTED-Nigerian stocks fall for seventh session to one-month low

Published 10/12/2019, 16:34
© Reuters. CORRECTED-Nigerian stocks fall for seventh session to one-month low
MTNJ
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DANGCEM
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NGSEINDEX
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NGSEBNK10
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MTNN
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(Correct year in second para to 2019 from 2018)
By Chijioke Ohuocha
LAGOS, Dec 10 (Reuters) - Nigerian stocks fell to their
lowest level in a month on Tuesday after shedding 1.11% as
shares of the two most capitalised companies Dangote Cement
DANGCEM.LG and MTN Nigeria MTNN.LG declined.
The index .NGSEINDEX , which is down 15% this year, fell
for the seventh straight session to a level last seen in
November 2019, as consumer goods firms .NGSEBNK10 lost 2%.
The bourse's losing streak worsened after ratings agency
Moody's late on Friday changed the outlook of some Nigeria's top
lenders and corporates, including Dangote Cement, to negative
from stable.
The ratings agency said the action was triggered by a
downgrade of Nigeria's sovereign outlook from stable to negative
as the country was yet to fully recover from a 2015 oil price
shock and a subsequent recession in 2016.
Dangote Cement, which accounts for about a third of market
capitalisation, fell 1.41% while the local unit of South African
telecoms giant MTN MTNJ.J , the second most capitalised company
on Nigeria's bourse, shed 1.69%.
Moody's expects annual GDP growth of just over 2% in Nigeria
over the next few years, which it says is insufficient to create
big lending opportunities for banks and strong corporate
earnings.

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