Nigeria’s index plumbs new 6-month low
Nigeria’s all-share index falls to a new 6-month low, declining 0.50 percent to 22,879.33 points on Monday, as it continues to erode its year-to-date gains.
The index was up 25 percent on the start of the year in early August, placing it among the best-performing frontier markets, but has since been on a steady decline, partly amid concern about the pace of bank reforms.
Year-to-date, sub-Saharan Africa’s second biggest market is up 9.85 percent.
The market closed flat after a relatively volatile session, where the index hit a peak of 0.19 percent and a low of -0.22 percent. Market turnover fell 25 percent as investors were cautious in taking positions.
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