Nigeria, Aug. 18 -- Nigerian stocks went bearish for the first time in weeks last week as profit-taking set in, especially in the insurance sector, where equities that had recorded an abrupt price boom, following the announcement of new capital rules for the industry, began to decline.

The NGX Insurance Index shed 8.2 per cent, setting the broader index up for a 0.8 per cent retreat.

"Intermittent profit-taking activities may impact the potential for further gains, as many tickers currently trade at their year highs," analysts at Meristem Securities had said in their forecast.

"Meanwhile, activity on financial services stocks may remain elevated, as investors anticipate tier-1 banks' earnings releases, as well as the recent strong inte...