Nigerian stocks extend loss as profit-taking in big-cap banks weighs

All the five big banks except First Bank Holdings led a retreat that lengthened a slump in Nigerian stocks into the second day, wearing down the all-share index by 0.57 per cent.

Access Bank, UBA, Zenith Bank and GTB took a hit from profit-taking actions, setting up a fall in the banking index by 0.84 per cent.

A floodgate of full-year earnings report releases, apparently targeting the March-end deadline, turned out largely negative, rattling investors and compounding losses.

Market breadth was negative, drawing as 24 fallers against 18 risers.

Shedding…