Nigerian stocks hit the lowest level since the 2016 recession after the main equity gauge plunged by the most in almost a decade on Tuesday as investors shrugged off near 10% gains in oil which rebounded from its worst loss since 1991.
The All Share Index slid by 4.92%, the biggest slide since a 8.37 plunge in early 2010. The market has also hit its lowest level since the start of Nigeria’s recession in 2016.
Only three stocks gained with blue chips like MTN Nigeria joining in the rout which left many banking stocks at new lows.
Year’s return now less than a percent point shy of double-digits for the first time in 2020.
*Data was collected on Bloomberg as at 2:30pm as NSE’s official site seemed to be down.
