Nigerian Stocks Fall to Six-Month Low on Oil Price Slump

Nigerian stocks fell to their lowest level in six months to trade near a bear market on concern that oil prices near a six-year low will deepen the country’s economic woes.

The Nigerian Stock Exchange All Share Index slid 1.6 percent 28,738.12 by 1.30 p.m. in Lagos, the commercial capital, paring an earlier decline of as much as 2.4%. That represents 20% decline from this year’s closing high on April 2, .

Shares in Africa’s largest economy and oil producer are tipping into a bear market for the second time this year as President Muhammadu Buhari’s administration, which took power at the end of May, struggles to cope with crude prices that have tumbled more than 35% this year.

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