UPDATE 2-Nigerian stocks fall to two-week low after Q3 data shows recession

(Updates with index close, interest rate meeting)
By Chijioke Ohuocha
ABUJA, Nov 23 (Reuters) - Nigerian stocks fell to a two-week
low on Monday after third-quarter data showed the economy was in
recession, while the currency eased on the black market due to
dollar shortages in the country.
The all-share index .NGSEINDEX recovered some ground after
falling during mid-day trades, but still closed down 0.04% to
34,121.78 points, led by banks .NGSEBNK10 , down 4.72%.
The index of Nigeria's consumer goods .NGSEFBT10 and oil
.NGSEOILG5 stocks fell more than 1.6% each.
Nigeria slipped into a second recession in four years in
the third quarter, data released on Saturday showed, blaming the
impact of the COVID-19 pandemic and low oil prices, amidst
double-digit inflation.
Stocks had been rising since last month to become the
world's best performing after the central bank unexpectedly cut
interest rates the previous month to spur growth, triggering a
re-rating on equities.
However, foreign investors remain trapped in Nigeria,
Aly-Khan Satchu, head of Nairobi-based Rich Management, said.
The central bank is due to announce its decision on interest
rates on Tuesday following its bi-monthly meeting in November,
with the currency and economic growth in focus.
The naira fell to as low as 484 per dollar on the black
market, traders said. On the official market, it trades around
381 naira.
The currency has come under pressure on the black market as
central bank policies restrict access to the official window for
some imports, thereby funneling demand to the unofficial market,
traders said.
A total of 45 companies declined on Monday while five gained
and another 100 recorded no trades.
Lafarge Africa WAPCO.LG , Honeywell Flourmills HONYFLO.LG
and Transcorp TRANSCO.LG , among others, each declined 10%, the
maximum allowed on the bourse, while energy firm Oando
OANDO.LG shed 9.97%.