Nigeria’s main stock index fell to its lowest level in more than four months on Friday after shares in banking and consumer goods companies declined.
The index which fell for the seventh straight session, recovered some ground but closed down 1 percent. Stocks had fallen 1.28 percent in late trades, sliding to 39,213 points, a level not seen since January, Reuters reports.
Offshore investors have been exiting local assets as yields on Nigeria’s treasuries have fallen to around 12 percent from as high as 18 percent a year ago due to government action to lower borrowing costs and U.S. interest rate rises.
Traders expect the bear market to continue, even as the capital flight has also put the local naira currency under pressure.
Stocks fell widely on Friday with 41 companies declining and 12 firms advancing. Julius Berger and Transcorp each shed 5 percent while Fidelity Bank fell 7.7 percent.