Nigerian stocks drop to new two-month low

LAGOS: Nigerian stocks fell to a fresh two-month low on Monday, led down by banks and heavyweight Dangote Cement.

The main index dropped for the third straight session, falling 0.79% to 28,341 points, a level last seen in May.

Shares have been held back by low growth in Africa's biggest economy, as well as the president's failure to appoint a cabinet months after winning a second term. Stocks have fallen 6.7% so far this year after a 17.8% drop last year.

Dangote Cement, Nigeria's biggest listed firm, fell 1.73%, while the Nigerian unit of South African telecoms firm MTN Group, the second-biggest listed firm, fell 0.5%.

The banking sector, which has been hit by a raft of new regulations that could affect profits, dropped 1.56%.

A total of 21 companies declined on Monday while 10 gained and two were unchanged. Shares in more than 100 companies failed to trade.