Wednesday, May 23, 2012

Today's Major Market Move: Nigerian Stock Market Down 6.2% in Wednesday's Session

The Nigerian benchmark equity index, the Nigerian Stock Exchange All Share, was sent tumbling in today's session to the tune of -6.2%. This made it the top loser out of all global benchmark equity indexes, barely edging out Hungary.

Click here to go to the live table.

On the whole Africa's equity markets have not suffered as much during the past few years as its European neighbors. Stock markets in South Africa, Tanzania and even Tunisia, which not so long ago experienced political upheaval, have shown a marked sense of resilience while economic crises rage to the north. Could today's movement in Nigeria indicate a spreading contagion? With Nigeria's dependence on oil and the recent drop in Brent and WTI prices, we would be careful in applying a larger scope to this event. This following chart shows there is somewhat of a correlation between oil and Nigerian stocks:

Click here to go to the live chart.

Update 4/24/2012: If you're looking for volatility, head no further than Nigeria. The Nigerian Stock Exchange All Share index rebounded in Thursday's session and nearly recovered the entire 6.2% loss.

Click here to go to the live chart.


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  2. Oh No ! whats the reason to down this stock exchange. Is there any economic decision took by the government.

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