ABUJA: 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, 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 shed 6.42% while Dangote Cement , the biggest listed firm, fell 3.42%. MTN Nigeria , the second biggest listed firm, dropped 1.81%.