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Nigerian index down to 2005 levels

By on September 13, 2011

Nigeria’s all-shares index on Monday tumbled to its lowest since late-2009 and back to levels seen in March 2005 as investors’ jitters weighed on the market.

The index fell 0.32 percent to 21,032.53 points, dragged down shares in top equities include banking and foods stocks.

Shares of Dangote Flour and First City Monument Bank fall by almost five percent, while GTBank falls 4.37 percent and Wema Bank was down 4.23 percent.

Other decliners include Dangote Sugar 3.68 percent, United Bank for Africa 3.0 percent, Stanbic IBTC 2.63 percent and Access Bank 2.04 percent.

“This is the season most investors offload their holdings to obtain funds for their wards school fee, but there is a general apathy in the market by investors leading to massive dumping of stocks,”