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

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

And yet another disappointing news again...

Well in other words, Cramjones don dey take style dey wail ooo

Nonsense

- please be kind to list ten names of companies and their investors

Bloomberg ko baboon ni. nonsense!

cramjones:
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 and critical optimist like myself keeps writing.
Which way naija?
-CramJones

You claim to be one of his close advisers and regularly meet with him. Can't you tell him this to his face?

[size=20pt]well, this is just the beginning...![/size]

cramjones:
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 and critical optimist like myself keeps writing.

Which way naija?

-CramJones

CC: lalasticlala obinoscopy ishilove

So, even Cramjones has bought his own wailing form.
Well, all I can say is
" BRING BACK JONATHAN"

cramjones:
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 and critical optimist like myself keeps writing.
Which way naija?
-CramJones
CC: lalasticlala obinoscopy ishilove

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

As I no fit cry again...

Mmmmm. I think we might need to take a review at the economy intently before things go out of hands.

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This Baba is destroying the economy GEJ administration suffered to build. APC SCAM

okay

Nigeria economy in the state of pisma pisma..

hmmm

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.

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...

maupe:

So, even Cramjones has bought his own wailing form.
Well, all I can say is
" BRING BACK JONATHAN"

To finish the robbery. Don't worry they will bring him to EFCC, it's getting closer and closer.

maupe:

So, even Cramjones has bought his own wailing form.
Well, all I can say is
" BRING BACK JONATHAN"

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

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!

I HAVE PULLED OUT TOO

They called GEJ the clueless one. Now between PMB and GEJ, who is the clueless one?

I NO FIT SHOUT AGAIN.

Okay o

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

ooshinibos:

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

I know dry season and heat is always accompanied with mental disorder so I declare with the power vested in me "receive sense"

GudluckIBB:
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!

[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]

Keneking:
Nonsense

- please be kind to list ten names of companies and their investors

People are just spreading lies. Some Nigerians are actually the ones planting these stories

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

Buharinomics - A branch of economics relative to body language..