Politics Dissuade Traders as Bear Market Hits Nigeria

The Nigerian Stock Exchange All-Share Index plummeted by 2.2% to 35,446.47 by the close of trade last Friday. The stocks got bearish due to exacerbating political tensions that have waded foreign investors. This decline is a sharp contrast from the first few weeks of the year when Nigerian equities were the best performers in the world.

The big picture: A market is considered to be bearish when it’s down 20% from its last peak. Absolutely, the Nigerian economy and the companies aren’t doing too badly but the truth remains that new investors will only surface in the markets after the 2019 elections.

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