Nigeria stocks shed 0.7pc to end seven-day winning streak

LAGOS: Nigerian stocks fell 0.7 percent on Friday to end a seven day winning streak as investors sold consumer goods and banking shares that were overbought, traders said.

The main index gained six percent over the seven day rally to hit a new three-year high, lifting stocks up 47 percent so far this year.

Traders had said investors were piling into the market to take positions ahead of year-end earnings and possible dividends. However, stocks have been overbought with the rally and locals were booking profits.

Dangote Flourmills and Diamond Bank each fall more than 5 percent, followed by International Breweries and Unilever, both down 4.9 percent.

Dangote Cement, which accounts for a third of total market capitalisation, shed 2 percent.