Bank Stocks in Nigeria Fall Most Since 2016 After Buhari Victory
- Short-term reaction from investors, says Exotix’s Ayodeji
- Benchmark stock index in Lagos declines for a third day
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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.