Nigerian stocks extend losses

Nigerian stocks extended losses for the ninth session on Wednesday as investors sold off shares from the relatively liquid local banking and consumer goods sectors. Stocks, which reached an almost one-year low at the previous session, remained depressed, traders said, with more companies closing with a sell offer.
The All Share Index dropped to 35,074 points, down 0.6 percent, tracking a 2.1 percent fall on the MSCI emerging market index, which also entered a technical bear market. Equities have fallen more than 20 percent so far after peaking in January. They rose 42 percent last year. The index of Nigeria's top 10 lenders shed 1.03 percent while consumer goods stocks drop 1.47 percent to drag the main index down. A total of 28 firms declined led by UAC properties, which fell the maximum 10 percent.