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HomeTop NewsNigeria's equity market declines as investors react to recession data

Nigeria’s equity market declines as investors react to recession data

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Nigeria’s equity market declined in early trade to a two-week low on Monday after third-quarter data showed the country’s economy has slipped into recession.

The market main All-share Index weakened by 1.07 percent to 33,773.72 points, according to Refinitiv Eikon data, led by the banking sector, which fell 5.79 percent, Reuters report showed.

The share of Lafarge Africa, Flour Mill of Nigeria and Dangote Sugar succumbed to selling pressure from investors, helping to push down the market index.

Lafarge Africa stock declined by 10 percent down to N22.05 a share, Flour Mill was down 8.7 percent to N25.35 per share while Dangote Sugar declined 10 percent to N18.45 per share.

READ ALSO: Nigeria’s Access Bank to double customers base in 3-year in more African expansion

Nigeria slipped into a second recession in four years in the third quarter after its GDP contracted for the second consecutive quarter, data released on Saturday showed, with the impact of the COVID-19 pandemic and low oil prices to blame.

The naira meanwhile fell to as low as 484 per dollar on the black market, traders said. On the official market, it trades around 381 naira.

The currency has come under pressure on the black market as central bank policies restrict access to the official window for some imports, thereby funneling demand to the unofficial market, traders said.

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