UPDATE 1-Nigerian stocks drop 1.37% to three-month low By Reuters

UPDATE 1-Nigerian stocks drop 1.37% to three-month low

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By Chijioke Ohuocha
ABUJA, March 19 (Reuters) - Nigerian stocks dropped to a
three-month low on Friday after heavily-weighted cement
companies fell as a weak economic outlook caused investors to
sell equities, traders said.
The all-share index .NGSEINDEX , which rose 50% in 2020,
shed 1.37% on Friday, the most in one day since December.
Equities have been losing ground as yields on Treasury bills
are set to rise. Last week, stocks fell to a 10-week
low. Nigeria faces stagflation as food prices rise, heaping
financial pressure on households already faced with a shrinking
labour market and a slow-growing economy at a time of mounting
insecurity. Shares in 11 companies fell on Friday, while 26 advanced and
another 100 recorded no trades.
BUA Cement BUACEMENT.LG shed 6.42% while Dangote Cement
DANGCEM.LG , the biggest listed firm, fell 3.42%. MTN Nigeria
MTNN.LG , the second biggest listed firm, dropped 1.81%.

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