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Nigerian Stocks Fall Into Correction as Oil Plunge Dims Outlook

  • Drop to three-year low compounded by currency woes: Vetiva
  • Goldman Sachs sees no intention to devalue naira just yet
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Nigerian equities dropped into a correction as plunging oil prices dimmed the growth outlook for Africa’s biggest economy.

The Nigerian Stock Exchange All Share Index fell 3.7 percent on Wednesday to 25,072.66 by 2:22 p.m. in Lagos, the lowest level since September 2012 and the most among 93 global indexes tracked by Bloomberg after Egypt. The measure is down 12 percent since the previous peak on Dec. 31, more than the 10 percent drop that indicates a market correction.