Economics
Nigerian Stocks Enter Bear Market to Lead 2016's List of Losers
- Oil's plunge weighs on equities as naira policy questioned
- All-share index falls to 2012 low as circuit-breaker started
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Nigerian equities dropped the most in more than a year to enter a bear market as Brent crude prices plunged, weighing on Africa’s biggest economy and oil producer.
The Nigerian Stock Exchange All Share Index fell 4.1 percent to 22,550.83 by the close in in Lagos, the lowest level since July 2012. The measure is down more than 21 percent since the previous peak on Dec. 31, the worst performer among 93 global indexes tracked by Bloomberg this year.