Nigerian stocks shed gains as funds prepare H1 accounts

Nigerian stocks fell on Friday after a two-day rally, as asset managers booked profit ahead of their half-year fund returns, traders said.
The index fell 1.07 percent by mid trades, down to 32,000 level, dragged lower by losses in the banking, cement and petroleum sectors.
"The fall in the market is as a result of month-end profit-taking by some institutional investors and individuals," one stock broker said.
Shares in household products maker Unilever fell 9.74 percent, fuel retailer Forte dropped 4.99 percent followed by United Bank for Africa, down 4.22 percent.
Other decliners included Dangote Cement, which accounts for a third of the market capitalisation, which dropped 2.31 percent, and Diamond Bank down 3.85 percent.
Foreign transactions on the stock exchange rose 73.5 percent year-on-year to 328.7 billion naira by May ending, according to data from the Nigerian Stock Exchange. Offshore participation in the local bourse increased from 40.4 percent last year to 45.9 percent by May ending, the latest report by the exchange has shown.
The report indicated that the surge in foreign portfolio investment in Africa's biggest economy bourse was noticeable in May, coinciding with the period the central bank introduced the investor forex window.
Stock dealers said the figure for the month of June would be better after MSCI increased the country's weighting in its frontier market index.© Reuters New