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Nigerian stocks extend downturn as investors’ aversion for bank shares bites

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Zenith Bank, UBA and FBN Holdings drove the pullback.

Nigerian stocks retreated by 0.33 per cent in value on Monday as investors were reluctant to plough in money into equities, with bank shares being the worst for it.

“We expect the equities market to remain relatively lull as investors continue to take profits off the table especially in the absence of any expected positive trigger,” analysts at United Capital said. The all-share index slid 155.01 points to at 46,687.9 while market capitalisation scaled down to N25.2 trillion.Red Star Express led gainers, appreciating by 10 per cent to close at N2.97. NAHCO rose 9.79 per cent to N4.71.

 

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