The Nigerian stock main index fell almost two percent on Monday, dropping to its lowest in one month as investors sold down their positions, offsetting the projected gain this year.
The all-share index declined for the sixth straight day to 42,stock633 points, hit by a global risk-off sentiment.
The market was down to the level last seen in January.
Investors have been closing local positions on concern that rising global inflation would lead to higher interest rates in developed economies and draw capital away from emerging markets.
Nigeria’s benchmark index has slipped from its January highs but is still up 12.8 percent so far this year.
The index of Nigeria’s top 10 lenders declined 3.78 percent to led the main index lower. FBN Holdings dropped 5 percent, while Fidelity Bank and Guaranty Trust Bank fell more than 4.5 percent each.
Top decliners include Eterna Oil 9.67 percent. Equity Assurance and Aiico Insurance each down more than 8 percent.
Investors have been closing local positions on concern that rising global inflation would lead to higher interest rates in developed economies and draw capital away from emerging markets.
Nigeria’s benchmark index has slipped from its January highs but is still up 12.8 percent so far this year.
The index of Nigeria’s top 10 lenders declined 3.78 percent to led the main index lower. FBN Holdings dropped 5 percent, while Fidelity Bank and Guaranty Trust Bank fell more than 4.5 percent each.
Top decliners include Eterna Oil 9.67 percent. Equity Assurance and Aiico Insurance each down more than 8 percent.
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