Reuters LAGOS, Sept 10 (Reuters) – Nigerian stocks fell to their lowest point in almost 14 months on Monday after investors sold banking and consumer goods shares.
The main share index fell 1.25 percent to close at 33,611 points.
"Today’s market performance reflects investors’ bearish outlook on the market as political risks remain heightened in addition to the continued absence of positive drivers," analysts at Afrinvest wrote in a note.
The declines have worsened after weak second quarter economic growth and mounting concerns over political risk in the run-up to next year’s presidential election.
Stocks have fallen more than 20 percent so far this year after a 42 percent rise last year.
The consumer goods index declined 3.69 percent on Monday while the index of Nigeria’s top 10 lenders shed 1.25 percent. Just 10 firms advanced, five stocks were unchanged and more than 120 recorded no trades. The index as a whole reached its lowest point in 13 months and three weeks.
A total of 21 firms declined with Nestle and Forte Oil both down more than 9 percent. Zenith Bank, FCMB, Access Bank, Guaranty Trust Bank, UBA all fell more than 1 percent.
