EQUITY: Nigerian stocks extend losses as banking shares slide

Nigerian stocks extended falls for a third straight day on Friday, down 2.15 percent as investors booked profits following a recent rally, notably in the relatively liquid banking sector, traders said.
The main index has risen 34 percent since end of April after the central bank lift currency restrictions for foreign investors and index provider MSCI increased the weight of Nigeria on its frontier market index.
But sentiment has turned bearish. On Wednesday MSCI hinted it could downgrade Nigeria later in the year. Banking shares have also been spooked by failed talks between some lenders and telecoms firm Etisalat Nigeria over a debt renegotation.
UBA fell 9.46 percent to lead the losers. Wema Bank shed 6.56 percent and Skye Bank  4.29 percent.