Nigerian stocks fell for a second straight day on Thursday, shedding 1.6 percent as investors booked profits from cement, banking and consumer stocks following a four-day rally last week.
The benchmark all share index declined to 29,393 points, dragged down by shares of Dangote Cement , Nigeria’s biggest listed firm, down 5 percent. Flour Mills of Nigeria and the local unit of British soap and shampoo maker PZ Cussons both fell 5 percent apiece.
Other decliners include Seplat down 3.12 percent, Union Bank 4.9 percent, Lafarge Africa down 3.96 percent and Nestle 1.17 percent.
In July, share dealing on the bourse fell to 170.8 billion naira($858.3 mln) in July, down 23.8 percent from year ago, the stock exchange said, as foreign investors hurt by a weaker naira withdrew cash from equities.
Source : BusinessDay