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Nigerian stocks shed 0.74% on Monday, erasing gains posted in early trades as Airtel Africa fell and investors booked profits after the index climbed to a six-week high.

The main stock index ended a three-day winning streak to extend losses on the bourse, which is down 12% in the year to date. The index closed at 27,574 points.

Analysts said the market was prone to profit-taking following recent gains, although confidence was improving.

The index has posted a lacklustre performance so far this year as investors await for policy signals that could lift economic growth, which is stuck in low gear after the country emerged from a recession two years ago.

Copyright Reuters, 2019


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