September 16, 2019 / 3:17 PM / 3 months ago

UPDATE 1-Nigerian stocks end winning streak after index hit six-week high

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ABUJA, Sept 16 (Reuters) - 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.

Stocks had gained in early trades on Monday as investors snapped up banking shares.

But Airtel Africa, Nigeria’s third biggest list firm, declined 10% to drag the index lower. Heavyweight Dangote Cement , Nigeria’s biggest listed firm, reversed earlier advances to slide by 0.26%. (Reporting by Chijioke Ohuocha; Editing by Emelia Sithole-Matarise and Mark Heinrich)

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