Shares in Nigeria's PZ Cussons fall after parent warns of tough market

* UK parent Cussons' group profit down on Nigeria weakness

* Insurgency, naira, elections affect Nigerian sales

* Lagos-listed business's shares fall 6.2 percent (Adds CFO comments)

By Chijioke Ohuocha

LAGOS, Dec (Shanghai: 600875.SS - news) 10 (Reuters) - Shares (Frankfurt: DI6.F - news) in Nigeria's PZ Cussons (LSE: PZC.L - news) fell sharply after its London-listed parent reported a drop in first-half profit, citing tough trading conditions in the west African country due to an Islamist insurgency and a devaluation of its currency.

British parent PZ Cussons, the maker of Imperial Leather soaps, said on Wednesday that sales were slowing in Nigeria - its biggest market - and that group profit was expected to be flat or slightly down for the year.

"The bigger impact on business is the ... Boko Haram disruption in the north," said chief finance officer Brandon Leigh. "The message is some continued disruption, and that's what we're planning for."

Yobe, Borno and Adamawa states in Nigeria's northeast have been the main targets of Boko Haram militants fighting for five years to carve a radical Islamist state out of Africa's top oil-producing and most populous country.

Shares in the group's Lagos-listed unit PZ Cussons fell 6.2 percent to 30.99 naira per share on Wednesday, underperforming the local bourse which was down 2.2 percent. The stock had previously shed 10.7 percent this year.

The parent company shed 0.48 percent in London.

Foreign investors have also been selling out of Nigeria's banking, consumer and oil sectors as the price of Brent crude - the benchmark against which the country's oil is priced - plunged.

The drop in oil prices has put Nigeria's currency under pressure and dampened appetite for assets in Africa's biggest economy, prompting the central bank to devalue the naira by 8 percent to halt a slide in its foreign reserves.

Africa accounts for more than 40 percent of parent company Cussons' revenues.

The group's operating profit fell 4 percent in the first half of its fiscal year, which ends next May. It said potential further volatility in Nigeria's currency and the presidential elections in February could affect full-year results.

President Goodluck Jonathan is running for another term in the poll, which is set to be the most closely fought since a return to democracy in the country a decade ago. (Additional reporting by Esha Vaish; Editing by Pravin Char)