Lagos - Nigeria's benchmark share index fell below its psychological support level of 21,000 points on Friday on weaker banking and consumer stocks, reducing gains achieved so far this year to around 2 percent.
Investors have continued to switch to bonds for higher yields, punishing equities, traders said. The index fell to 20,995.33 points. It peaked on May 9 at 22,820 points.
Top decliners included Union Bank and Dangote Sugar down 4.8 percent, almost the maximum 5 percent allowed, while First Bank shed 3.27 percent. Heavywieght lender Zenith Bank and consumer gaint Nigerian Breweries shed more than 1 percent each.