Nigerian banking stocks slumped the most since June 2016 a day after the re-election of President Muhammadu Buhari, as some investors showed disappointment at the defeat of his market-friendly opponent.
An index of Nigeria’s 10 largest banking stocks dropped 4.6 percent by the close in Lagos Thursday, while the country’s benchmark stocks index retreated for a third day.
The Lagos market’s biggest laggers by index points were Guaranty Trust Bank Plc, which dropped 6.9 percent, Zenith Bank Plc, which fell 4 percent and Nigerian Breweries Plc, down 4.5 percent.
“We are seeing investors react negatively in the short term” to the election results, Olabisi Ayodeji, an analyst at Exotix Capital, said from Lagos.
Buhari easily won a second term as president of Africa’s biggest oil producer with promises to revive an anemic economy and tackle security threats including a devastating insurgency by Islamic State. His main opponent, Atiku Abubakar, who was seen as favored by investors, has rejected the results of the weekend vote.
Latest Stories
-
‘It’s tricky, they fly a lot’ – Arteta on Carabao Cup balls
2 hours -
Newcastle win at Arsenal to take control of EFL Cup semi-final tie
2 hours -
Even Salah would struggle at Spurs – Postecoglou
3 hours -
Facebook and Instagram get rid of fact checkers
3 hours -
Trudeau says ‘not a snowball’s chance in hell’ Canada will join US
3 hours -
Europe leaders criticise Musk attacks
3 hours -
Search goes into night for survivors of Tibet quake
4 hours -
NPP must rise again, says former Deputy Housing Minister
4 hours -
Dr Prince Hamid Armah: Eight years, 2 different stories
5 hours -
Keep the light on as we did; you’re in government – Herbert Krapa
5 hours -
Independence Square glows as Mahama takes presidential oath again amid grand celebration
5 hours -
COP Tiwaa Addo-Danquah’s bust at EOCO destroyed
6 hours -
Trump threatens ‘very high’ tariffs on Denmark over Greenland
7 hours -
Full text: Mahama inaugural speech
7 hours -
CAF increases CHAN prize money to $3.5m
7 hours