Nigerian stocks fall for second day as sentiment turns on MSCI decision

Date:

LAGOS, June 22  – Nigerian shares extended falls for the second day as sentiment started to weaken amid the possibility that index provider MSCI will downgrade Nigeria later in the year.

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The main index shed 2.05 percent to 32,791 points, dragged down by its relatively liquid banking sector which fell 3.44 percent. Stocks had been gaining since May on central bank currency moves.

Banking shares have been spooked after talks between a group of lenders and telecoms firm Etisalat Nigeria over a debt renegotation collapsed.

Wema Bank, fell 8.96 percent to lead the banking sector lower, followed by Ecobank down 8.47 percent and Diamond Bank 8.2 percent

 

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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