Nigerian All-Share Index Drops 2.71%, Biggest since 1 June 2016

LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index fell for the second day, dropping 2.71 percent, or 998.59 to 35,866.12. The move was the biggest since falling 2.75 percent on June 1, 2016. The MSCI Emerging Markets Europe, Middle East and Africa Index declined 0.4 percent.

Dangote Cement Plc contributed the most to the decline, falling 5 percent. Cement Co. Northern Nigeria Plc decreased 9.7 percent, the biggest loss. Dangote Sugar Refinery Plc rose 10 percent, the biggest gain. The biggest movers also included: Guaranty Trust, down 5 percent; Zenith Bank, down 3.9 percent; Okomu Oil Palm, up 7.6 percent; and Presco, up 5 percent.

Today, 26 of 160 shares fell, while 13 rose. The Nigeria SE is up 33 percent so far this year. The index is 4.8 percent below its 52-week high of 37,655.46 reached on July 28 and 46 percent above its 52-week low of 24,547.37 on March 7.

MACRO: The Nigeria Naira appreciated 0.6 percent to 315.38 against the U.S. dollar. Benchmark 10-year bond yields rose 2 basis points to 16.250 percent.