Nigeria stock market falls to 19 month low

“Cement, which has a 26 percent weighting in the measure, dropped the daily limit of 5 percent to 105.56 Naira.” 

Nigeria’s All-Share Index fell to the weakest closing level in more than 19 months, led by a decline in Dangote Cement Plc (DANGCEM), the country’s biggest company by market value.

The 202-member index was the second-worst performer worldwide after Kenya’s stocks measure today, falling 2 percent, its biggest retreat since March 17, to 21,583.9 by the 2:30 p.m. close in Lagos, the lowest level since Jan. 7, 2010, according to data compiled by Bloomberg. Dangote Cement, which has a 26 percent weighting in the measure, dropped the daily limit of 5 percent to 105.56 naira, its weakest close since it started trading in October last year.

Nigerian Breweries Plc (NB) lost 1.2 percent to 82 naira, while Zenith Bank Plc (ZENITHBA), the West African nation’s biggest lender by market value, lost 2.7 percent to 12.02 naira, the lowest close in 11 months.

Source: Bloomberg

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