Nigeria SE Falls 2.8% to 43,131.24; Dangote Cement Leads Decline

LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index fell for the third day, dropping 2.8 percent, or 1,258.61 to 43,131.24. The move was the biggest since falling 4.3 percent on May 31, 2016. The MSCI Emerging Markets Europe, Middle East and Africa Index advanced 0.4 percent.

Dangote Cement Plc contributed the most to the decline, falling 3.3 percent. Fcmb Group Plc decreased 9.7 percent, the biggest loss. MAY & Baker Nigeria Plc rose 4.9 percent, the biggest gain. The biggest movers also included: Guaranty Trust, down 3.8 percent; Zenith Bank, down 3.1 percent; Lafarge Africa, up 1 percent; and PZ Cussons Nigeria, up 1.2 percent.

• Index drops below 10-day moving average

Today, 44 of 159 shares fell, while 9 rose. The Nigeria SE is up 13 percent so far this year. The index is 4.8 percent below its 52-week high of 45,321.82 reached on Jan. 22 and 76 percent above its 52-week low of 24,547.37 on March 7.

MACRO: The Nigeria Naira depreciated 0.14 percent to 360.31 against the U.S. dollar.

Source: Bloomberg Business News