Nigeria index declines

June 8 2012 at 01:38pm
By Reuters

http://sxc.hu/

Nigeria's benchmark share index fell below its psychological support level of 21,000 points on Friday on weaker banking and consumer stocks, reducing gains achieved so far this year to around 2 percent.

Investors have continued to switch to bonds for higher yields, punishing equities, traders said. The index fell to 20,995.33 points. It peaked on May 9 at 22,820 points.

Top decliners included Union Bank and Dangote Sugar down 4.8 percent, almost the maximum 5 percent allowed, while First Bank shed 3.27 percent. Heavywieght lender Zenith Bank and consumer gaint Nigerian Breweries shed more than 1 percent each. - Reuters

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