Nigeria share index down almost 1 pct as economic risks worry investors

 

Nigeria's main share index shed almost 1 percent on Thursday, ending a three-day rally as jittery investors worried about risks to the economy from a weaker naira, booked profits from the relatively liquid banking and oil stocks.

Stockbrokers said investors were taking a short-term view on equities as key macroeconomic issues such as falling global oil price and a weakening naira, persist. The all-share index fell 0.94 percent to 33,649 points at noon today.

Top tier lender United Bank for Africa (UBA) traded 8.91 percent down on heavy sell volumes with no bids, while oil major Seplat shed 5 percent.