MTN: 8,605 -77 (-0.89%)
Nigerian stocks drop to new two-month low
LAGOS, July 15 (Reuters) - Nigerian stocks fell
to a fresh two-month low on Monday, led down by banks and
heavyweight Dangote Cement.
The main index dropped for the third straight session,
falling 0.79% to 28,341 points, a level last seen in May.
Shares have been held back by low growth in Africa's biggest
economy, as well as the president's failure to appoint a cabinet
months after winning a second term. Stocks have fallen 6.7% so
far this year after a 17.8% drop last year.
Dangote Cement, Nigeria's biggest listed firm, fell 1.73%,
while the Nigerian unit of South African telecoms firm
MTN Group, the second-biggest listed firm, fell 0.5%.
The banking sector, which has been hit by a
raft of new regulations that could affect profits, dropped
A total of 21 companies declined on Monday while 10 gained
and two were unchanged. Shares in more than 100 companies failed
(Reporting by Chijioke Ohuocha; Editing by Kirsten Donovan)
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