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LequteMan
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Nigeria’s stocks fell to a three year low as foreigners pulled their investment out of the country amid fading hopes that President Muhammadu Buhari’s government can the country's economy.
The Nigerian Stock Exchange All Share Index dropped 0.8 percent to 27,385.69 at close in the commercial capital of Lagos, the lowest since December 2012. The gauge declined on all but three trading days in November for a monthly drop of 6.2 percent.
Almost two stocks declined for every one that rose. Guaranty Trust Bank Plc, the nation’s biggest lender by market capitalization, dropped 2.7 percent to 20 naira ($0.10). The stock is down 21 percent this year, about the same as the overall index. That’s the biggest fall in sub-Saharan Africa after the Zimbabwe Industrial Index.
“The government has not come up with a definitive policy for the economy,” Pabina Yinkere, an analyst at Vetiva Capital Management Ltd., said by phone from Lagos. “The continued lack of clarity is affecting the stock market," he said according to Bloomberg.
The Nigerian Stock Exchange All Share Index dropped 0.8 percent to 27,385.69 at close in the commercial capital of Lagos, the lowest since December 2012. The gauge declined on all but three trading days in November for a monthly drop of 6.2 percent.
Almost two stocks declined for every one that rose. Guaranty Trust Bank Plc, the nation’s biggest lender by market capitalization, dropped 2.7 percent to 20 naira ($0.10). The stock is down 21 percent this year, about the same as the overall index. That’s the biggest fall in sub-Saharan Africa after the Zimbabwe Industrial Index.
“The government has not come up with a definitive policy for the economy,” Pabina Yinkere, an analyst at Vetiva Capital Management Ltd., said by phone from Lagos. “The continued lack of clarity is affecting the stock market," he said according to Bloomberg.
