Nigerian stocks recover after hitting two-year low
(Rewrites with closing prices)
LAGOS, Aug 1 (Reuters) - Nigerian shares steadied on
Thursday, after two days of losses, as the biggest company
Dangote Cement traded flat and the second biggest
listed firm MTN Nigeria gained.
The main share index recovered to close up just
0.1% at 27,748 points, after touching a more than two-year low
of 27,690 points at one stage late in the session.
MTN Nigeria ended 1.6% higher as some investors continued to
favour the company after it reported strong half-year results
late last week.
Nigerian stocks have been on a losing streak since January
and analysts have pointed to sluggish growth in the economy as a
key reason for weak sentiment on the equity market.
The central bank is trying to force banks to lend to
customers to support the economy and has been lowering debt
yields by cutting back on the sale of government securities.
President Muhammadu Buhari, who started his new four-year
term in May, has pledged to revive the economy, which has been
stuck in low gear since emerging from recession in 2017.
(Reporting by Chijioke Ohuocha; Editing by Susan Fenton)
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