Nigerian stocks depreciated for the second consecutive day on Friday as the benchmark index dipped by 0.1 per cent.
The index had on Wednesday touched its peak level since late June 2008 but at the end of trading Friday, transaction volume contracted by 22 per cent relative to Thursday’s even though turnover considerably advanced by 69 per cent.
Huge sell-off in the shares of beer-maker Nigerian Breweries triggered the slide, supported by MTN Nigeria. The telecom company’s shares saw a little profit-taking from traders after steady appreciation over the past ten days.
