Nigerian stocks dipped by 0.31%, hit four-month high

Nigerian stocks shed 0.31 per cent on Wednesday dragged down by brewery shares, after climbing to a four-month high on thin volumes, as it tried to recoup losses sustained last year. Nigerian stock index has risen 1.65 per cent in the 12 days of trading this year and remained at a four month high touched on Tuesday, shrugging off a fuel strike which had threaten to shut down the economy.
The stock market had shed 16.31 per cent in 2011. Total trades on the 230 member broker stock market amounted to around $6 million daily at the start of 2012, driven largely by block trades in Nigerian Breweries (NB) and Guinness. Volumes traded in December averaged $10 million a day, compared with a peak of a $100 million of trade a day in 2008.
Nigerian Breweries and Guinness shed more than 3.0 percent to help drag the all-share index down 0.31 percent to 21,006.80 points. Analysts say foreign investors account for around 80 percent of daily volumes traded on the bourse and it was too early to determine the direct