Nigerian stocks fell 1.97% on Friday to their lowest level in 10 months, dragged down by losses in its biggest listed firm Dangote Cement.
The stock index declined for the sixth straight session to 35.530 points. Dangote Cement, which accounts for around a third of market capitalisation, shed 6.1%.
The reason for Dangote Cement’s fall was not immediately clear. The company in July posted a 1.53% decline in pretax profit to 77.1 billion naira for the second quarter.
Analysts at FBNQuest Capital said Dangote Cement’s results were weaker than expected in the second quarter, citing that as a reason for the decline.
Stocks have fallen 5.3% so far this year, after climbing 42% last year.
On Thursday the equities market dropped to a more than nine-month low as worries about political risk in the run-up to next year’s presidential election and mixed second-quarter earnings weighed on sentiment.
Other decliners include Sterling Bank down 8.72%, Unity Bank 6.38%. Airline services firm Caverton shed 5% while Ecobank fell 4.97%.