Monday June 22, 05:36 PM
STOCKS NEWS AFRICA-Union Bank leads Nigerian shares lower
STOCKS NEWS Reuters
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Stocks on the move Real (Frankfurt: BJU.F - news) -time Equity News
1619GMT 22June2009 - Nigerian stocks dip, Union Bank leads decliners
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Nigeria's all-share index drops 3.2 percent to 28,627 points as stockbrokers and retail investors lock in profits and use the gains to repay margin loans borrowed from banks, traders say.
Union Bank tops the decliners' chart, shedding the 5 percent maximum, while Zenith Bank, Dangote Flour and pan-African banking group Ecobank Transanational Inc. also slip by around 5 percent.
Fuel retailer Oando gains 3.4 percent after proposing a 3 naira per share dividend. Others gainers include Dangote Sugar, Lafarge Cement Wapco and Access Bank.
Traded volume was 521.43 million shares in 8,686 deals and valued at 4.41 billion naira ($30 million).
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