Nigerian stocks drop for sixth session to one month low

Nigerian Stock Exchange

Floor of The Nigerian Stock Exchange

Floor of The Nigerian Stock Exchange

Nigerian stocks shed 1.5 percent on Monday in late trades to drop to one month low as investors sold off shares from the relatively liquid banking sector.

The stock market, hit by a global risk-off sentiment, fell for the sixth straight day to 42,633 points, a level last seen in January.

According to Reuters, investors have been closing local positions on concern that rising global inflation would lead to higher interest rates in developed economies and draw capital away from emerging markets.

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Nigeria’s benchmark index has slipped from its January highs but is still up 12.8 percent so far this year.

The index of Nigeria’s top 10 lenders declined 3.78 percent to led the main index lower. FBN Holdings dropped 5 percent, while Fidelity Bank and Guaranty Trust Bank fell more than 4.5 percent each.

Top decliners include Eterna Oil 9.67 percent. Equity Assurance and Aiico Insurance each down more than 8 percent.

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