After Hitting Two-Year Low, Nigerian Stocks Recover
Nigerian Stock Exchange african-markets
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, Reuters reports.
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 the 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.