Home Business Nigerian Stocks Jump After Buhari’s Election Victory

Nigerian Stocks Jump After Buhari’s Election Victory

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  • Nigerian Stock react To Election Results Over 2.13% gain
    Photo Credit: Nigerian Stock Exchange

    As five-year bond yield down 101 bps

Nigeria’s main stock index soared 6.7 percent early on Wednesday, its single biggest daily gain this year, after opposition leader Muhammadu Buhari won the presidential election in Africa’s biggest economy.

The index crossed the psychological 33,000 level, extending gains to a ninth consecutive session – its longest winning streak this year – after outgoing president Goodluck Jonathan peacefully relinquished power.

Meanwhile, yields on Nigeria’s government bonds fell sharply on Wednesday with the 5-year bond down 101 basis points after Buhari’s victory, a dealer told Reuters.

The 2019 debt fell to 14.02 percent from 15.03 percent on Tuesday.

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