Bear Market Hits Nigeria as Politics, EM Woes Deter Traders
- Nigerian stocks have slumped 20% from their peak in January
- Political tensions are worrying foreign investors: Ashburton
This article is for subscribers only.
Nigeria’s stocks entered a bear market as worsening political tensions and an emerging-market sell-off caused foreign investors to shun assets in Africa’s biggest oil producer.
The Nigerian Stock Exchange All Share Index fell 2.2 percent to 35,446.47 by the close in Lagos, the commercial capital, bringing the decline since its 2018 high on Jan. 19 to 21 percent. Traders consider a market to be in bear territory when it’s down 20 percent from its last peak.