Stock index falls for the third straight day

The Nigeria Stock Exchange (NSE) main share index fell for the third straight day on Thursday, shedding more than 3 percent in volatile trading as investors sold off relatively liquid consumer and oil stocks, dealers said.

The index was down 1,091 points to 33,054 by 1021 GMT. Top decliners included Flour Mills of Nigeria and Nestle, both down more than 9 percent, while Oando lost 8.1 percent.

Dangote Cement, which accounts

for a third of total market capitalisation, fell 7.1 percent.

Foreign investors, which dominate trades on NSE, have been pulling cash out of stocks, unnerved by the fall in the naira currency and the price of oil, Nigeria’s main foreign exchange earner.

Reuters