#NigeriaDecides2019: Nigerian Stocks, Bonds Rise After Presidential Election
Investors in Nigeria are upbeat about the economy already after the elections.
On Monday, investors bought more Nigerian stocks and bonds after the conclusion of the presidential polls over the weekend lifted a layer of political uncertainty in Africa’s biggest economy, traders said.
Stocks rose 0.43% to 32,655 points while a rise in bond prices was more pronounced in longer-dated, local currency bonds such as 2028 issue.
No major trades had occurred on the naira currency on Monday, traders said, as investors await the result of the contest, where President Muhammadu Buhari faces his main challenge from businessman, Atiku Abubakar.
Prior to the election, investors fearing uncertainty, had stayed away from the stock market.
Meanwhile, some investors have told the News Agency of Nigeria in Lagos that the market will also witness mixed performance during the week following investors “wait-and-see attitude” pending when INEC will announce the overall winner of the presidential election.
Mr Sola Oni, a chartered stockbroker and Chief Executive Officer, Sofunix Investment and Communications, said that investors would likely adopt the waiting attitude at the moment.
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