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Nigerian stocks halt gains as trade volume drops

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The index has yielded 7.71 per cent year to date.

Nigerian stocks ended their weak rally on Thursday, with the benchmark index dropping 1.12 per cent, conceding almost all the entire gain recorded at the previous session to bearish investors willing to make do with paltry returns that have accrued from shares in the past few days.

Profit-taking in Dangote Cement, the country’s biggest company by market value, battered the broad index just as losses by UPDC REIT, Ardova andMore financial reports for 2021 were released on Thursday, which were generally impressive, with consumer goods companies Unilever and Guinness both making a resounding return to profitability after a torrid time of operational setback in the year of the pandemic outbreak.

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