Stocks Fall To 3-Week Low As Funds Exit

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Nigerian Stock Exchange

Nigerian stocks declined 1.08% on Monday to a more than three-week low as investors sold off shares from across the board after weak sentiment hit equities.

The main share index fell for the sixth session, down to 28,533.40 points. The relatively liquid banking sector declined the most, falling 3.85%.

Equities have been hit by weak sentiment, traders say, worsened by fears that the coronavirus outbreak would hit Chinese demand, one of Nigeria’s major trading partners, and dampen growth.

Nigeria has grappled with low growth since recovery from recession four years ago. President Muhammadu Buhari, who began a second four-year term in May, has pledged to revive the economy. But investors have been waiting for policy signals that could lift growth.

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