Bearish Lagos Traders See Gloom Persisting for Nigerian Stocks
Tope Alake, Bloomberg News BC-Bearish-Lagos-Traders-See-Gloom-Persisting-for-Nigerian-Stocks , Tope Alake
(Bloomberg) Nigerian stocks look unlikely to shake off their poor start to 2021 anytime soon, with an investor preference for returns available in the local debt market set to persist, according to analysts and investors.
The benchmark Nigeria Stock Exchange All Share Index slipped 3% in the first quarter and the conclusion of a positive annual reporting season leaves few incentives to tempt investors to bet on slightly higher returns from equities compared with the less risky government fixed-income market, said Ayodeji Ebo, head of retail investment at Chapel Hill Denham in Lagos.
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