LAGOS: Nigerian stocks fell for a fifth straight day on Friday to a three-week low, down 1.1 percent early in the session, traders said.
The stock market, hit by a global risk-off sentiment, fell through 43,000 points to a level last seen in January.
Investors have been closing local positions on concern that rising global inflation would lead to rising interest rates in developed economies and draw capital away from emerging markets.
Nigeria's benchmark index has slipped from its January highs but is still up 13.3 percent so far this year.
Traders said share falls were limited due to a steady rise in global oil prices since mid-2017 that has boosted Nigeria's flagging economy.
Insurance firm Aiico drop 8.75 percent to led the index down. Skye Bank shed 4.9 percent.
Dangote Cement, which accounts for a third of market captalisation, fell 3.4 percent.
Comments
Comments are closed for this article.