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Nairaland Forum / Nairaland / General / Investment / Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg (31491 Views)
Nigeria Seeks Foreign Investors For Smart Cities Project / Nigeria's Promise Turns To Peril As Investors Flee-Bloomberg / Investors Moved N2.2 Trillion Away From The Nigerian Economy In 2015 -thecable (2) (3) (4)
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Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by Nobody: 2:49pm On Dec 01, 2015 |
Nigeria’s stocks fell to their lowest level in almost three years as foreigners exited the market amid fading hopes that President Muhammadu Buhari’s government can revive an economy growing at its slowest pace this century. The Nigerian Stock Exchange All Share Index dropped 0.8 percent to 27,385.69 at close in the commercial capital of Lagos, the lowest since December 2012. The gauge declined on all but three trading days in November for a monthly drop of 6.2 percent. “The government has not come up with a definitive policy for the economy,” Pabina Yinkere, an analyst at Vetiva Capital Management Ltd., said by phone from Lagos. “The continued lack of clarity is affecting the stock market.” While Buhari, a 72-year-old former general who came to power in May, has prioritized stamping out corruption in Africa’s biggest economy and oil producer, investors were irked by a delay of more than five months in forming a cabinet, which he swore in Nov. 11. There’s also concern that his support for the central bank’s currency-trading restrictions are choking businesses of the dollars they need to pay foreign suppliers. Almost two stocks declined for every one that rose. Guaranty Trust Bank Plc, the nation’s biggest lender by market capitalization, dropped 2.7 percent to 20 naira ($0.10). The stock is down 21 percent this year, about the same as the overall index. That’s the biggest fall in sub-Saharan Africa after the Zimbabwe Industrial Index. Specialist African funds including Alquity Investment Management Ltd. and Duet Asset Management Ltd. have lowered their Nigerian exposure because they think that central bank Governor Godwin Emefiele will be forced to devalue the naira, which would cause losses on holdings in foreign-currency terms. Last week’s interest rate cut by the central bank, its first in six years, will heap more pressure on the currency, according to David McIlroy, Alquity’s chief investment officer. The naira was unchanged at 199.05 per dollar and has been all but fixed at 198 to 199 since early March. Forward prices suggest it will weaken to 241.25 in a year. Pressure on Currency “The surprise reduction in rates has probably worried international investors even more,” McIlroy said by phone from London. “Given the inflation rate is above the central bank’s target, there’s pressure on the currency and they need to attract foreign capital, you’d expect interest rates to be rising.” Annual inflation was 9.3 percent in October, higher than the central bank’s target of 6 percent to 9 percent. Alquity held about seven Nigerian stocks at the beginning of 2015, including Guaranty Trust Bank and Zenith Bank Plc. It now holds only Dangote Cement Plc. Equity funds are more underweight in Nigeria than any other frontier and emerging market, except for Kuwait and Morocco, analysts at Renaissance Capital Ltd. said in a Nov. 23 note to clients. “We’ve increased our positions in Egypt and Kenya at the expense of Nigeria,” McIlroy said. Nigeria is reeling from crude prices that have plunged 57 percent since June 2014. Economic growth will slow to 3.2 percent this year from 6.3 percent in 2014, according to a Bloomberg survey of economists. That would be the slowest pace since 1999. -CramJones http://www.bloomberg.com/news/articles/2015-11-30/nigeria-s-stocks-fall-to-three-year-low-as-foreigners-exit 15 Likes 5 Shares |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by Nobody: 2:51pm On Dec 01, 2015 |
As our President junketier around the globe, Nigerians continually get killed, soldiers slaughtered, more girls kidnapped, Investors pull out of our ecomomy and the country slips more to the brinks! Wailing wailers keep wailing, lying liars keep lying, and critical optimist like myself keeps writing. Which way naija? -CramJones CC: lalasticlala obinoscopy ishilove 101 Likes 5 Shares |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by gabman700: 2:52pm On Dec 01, 2015 |
And yet another disappointing news again... Well in other words, Cramjones don dey take style dey wail ooo 100 Likes 9 Shares |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by Nobody: 2:53pm On Dec 01, 2015 |
Nonsense - please be kind to list ten names of companies and their investors 16 Likes 5 Shares |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by Nobody: 2:53pm On Dec 01, 2015 |
Bloomberg ko baboon ni. nonsense! 5 Likes 3 Shares |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by eledalo: 2:55pm On Dec 01, 2015 |
cramjones: You claim to be one of his close advisers and regularly meet with him. Can't you tell him this to his face? 80 Likes 7 Shares |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by Farnsworth: 2:56pm On Dec 01, 2015 |
[size=20pt]well, this is just the beginning...![/size] 31 Likes |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by vladimiros: 3:03pm On Dec 01, 2015 |
This is what i have been trying to tell some Mumus over here Buhari's tight rule on Money extraction would make FDI impossible but they called me a wailer 134 Likes 8 Shares |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by maupe: 3:09pm On Dec 01, 2015 |
cramjones:So, even Cramjones has bought his own wailing form. Well, all I can say is " BRING BACK JONATHAN" 163 Likes 15 Shares |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by ellechrystal(f): 3:23pm On Dec 01, 2015 |
cramjones: Wailing wailersbuhaha. Oga u Don turn wailer na. Na u dey wail pass now. See the list of things wey u Don list , Critical optimist my left nyash. U b wailing candidate jor. GEJ please come n rescue us oooo. This aaaaboki don pieces economy like tuo shinkafa. . This Mallam buhari na heavy wrong choice with dullard brain End Time Presidiot 65 Likes 6 Shares |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by Nobody: 3:23pm On Dec 01, 2015 |
As I no fit cry again... 9 Likes 1 Share |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by Cre8(m): 3:23pm On Dec 01, 2015 |
Mmmmm. I think we might need to take a review at the economy intently before things go out of hands. ________________ In need of a graphic designer? We are the brand you've been looking for. Check out our portfolio to view some of our works -https://www.nairaland.com/1841535/suptol-designs-portfolio We love to hear from you. |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by neolboy(m): 3:23pm On Dec 01, 2015 |
This Baba is destroying the economy GEJ administration suffered to build. APC SCAM 108 Likes 9 Shares |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by Nobody: 3:25pm On Dec 01, 2015 |
okay 1 Like |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by frank2kky(m): 3:25pm On Dec 01, 2015 |
Nigeria economy in the state of pisma pisma.. 32 Likes 1 Share |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by Elle277(f): 3:25pm On Dec 01, 2015 |
hmmm |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by macpetrus(m): 3:25pm On Dec 01, 2015 |
If wailing is a crime, send me to jail, if wailing is a sin, let me go to hell. I wont stop wailing until we wail out the "wailees" in 2019. 63 Likes 7 Shares |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by omoalayo(m): 3:26pm On Dec 01, 2015 |
I don't understand o... Baba tot He knew about everything..when He was nt the president.. Now U see what's happening to the country.. During GEJ time.. Investors were rushing into the country.. Now they want to go... Whatever is happening.. no one knows.. Baba is traveling everywhere for meetings.. Nd Nigerians are here clueless not knowing what to do... Patient is running out.. They shud do something about this or something else happens... 12 Likes 2 Shares |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by NwaNimo1(m): 3:26pm On Dec 01, 2015 |
Change - I hate that word! 33 Likes 2 Shares |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by philips70(m): 3:27pm On Dec 01, 2015 |
maupe: To finish the robbery. Don't worry they will bring him to EFCC, it's getting closer and closer. 12 Likes |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by ooshinibos: 3:28pm On Dec 01, 2015 |
maupe: no way , GEJ will never come back ...he is the cause of all these issue Buhari inherited .... you cannot fix a 6 year problem in 1 year ... after 2.5 years of APC and nothing improves then we can wail ..and kick out Buhari and replace him with IBB 11 Likes 2 Shares |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by GudluckIBB(m): 3:28pm On Dec 01, 2015 |
They should all go, we'll be fine. The same foreign media that were urging Nigeria to devlaue by all means. We will be fine o! They shud all go Stealling is now Corruption! 13 Likes |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by ooshinibos: 3:28pm On Dec 01, 2015 |
I HAVE PULLED OUT TOO 1 Like |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by 9jatatafo(m): 3:29pm On Dec 01, 2015 |
They called GEJ the clueless one. Now between PMB and GEJ, who is the clueless one? 69 Likes 5 Shares |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by viktor01(m): 3:29pm On Dec 01, 2015 |
I NO FIT SHOUT AGAIN. 10 Likes 1 Share |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by yomalex(m): 3:30pm On Dec 01, 2015 |
Okay o |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by gurunlocker: 3:30pm On Dec 01, 2015 |
This is sad..... no good news since May 29, 2015. I just pray things get better, no choice than to endure this imposed 4 yrs change 14 Likes 1 Share |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by Beehshorp(m): 3:30pm On Dec 01, 2015 |
ooshinibos: I know dry season and heat is always accompanied with mental disorder so I declare with the power vested in me "receive sense" 68 Likes 4 Shares |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by vladimiros: 3:31pm On Dec 01, 2015 |
GudluckIBB: [size=13pt]Devaluing the currency would save us, there is no liquidity because we are fighting devaluation and how is that working out so far for us? Europe devalued, Australia devalued, China Devalued, but Nigeria is holding tight monetary policies because we are God abi? [/size] 25 Likes 2 Shares |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by Adminisher: 3:31pm On Dec 01, 2015 |
Keneking: People are just spreading lies. Some Nigerians are actually the ones planting these stories |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by goldengift025(m): 3:32pm On Dec 01, 2015 |
they can go, they help scatter the economy now no way to defraud us again they are packing there bags.... thats good. till shell or total leave then i ll know the economy is in shambles 2 Likes 1 Share |
Re: Foreign Investors Pull Out Of Nigerian NSE, Economy In Shambles - Bloomberg by 400billionman: 3:34pm On Dec 01, 2015 |
Buharinomics - A branch of economics relative to body language.. 27 Likes 3 Shares |
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