Anxiety as Nigerian Equities Fall to 8-year Low

The Nigerian Stock Exchange (NSE) All-Share Index (ASI) Wednesday fell by 0.16 per cent to close at 19,829.29, indicating an eight-year low. The ASI was last at this level in November 2003.

Reuters quoted market operators as saying that the decline resulted from jittery foreign investors who are snubbing frontier markets, as well as local fund managers shifting attention to bonds. The ASI has fallen 19.46 per cent so far this year, dragged down by the banking and oil sectors, as yields on equities become less attractive compared with other asset classes.


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