The Nigerian stock isn’t bubbling anymore. The market has dropped to a nine-month low on Thursday.

And analysts say this is because of mixed second-quarter earnings and concerns about political risk in the run-up to the 2019 general elections.

The stock index fell for the fifth straight session, down 0.4% to 36,154 points.

Stocks have fallen 5.1% so far this year, after climbing 42% last year.

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Second-quarter earnings have been mixed, with most banks posting declines in loan growth, citing a weak economy, while several consumer goods companies have recorded lower profits.

“Recent declines have been concentrated on a few large-cap stocks. Pressure on Nigerian Breweries may be on the back of slightly disappointing Half Year 2018 earnings, but Dangote Cement numbers were in line with expectations,” said Michael Famoroti, chief economist at Vetiva Capital.

The political developments in Nigeria, ahead of the 2019 elections, have been the major concern of investor.

Top losers in the stock market so far, included FBN Holdings, Fidelity Bank, Transcorp, Diamond Bank and FCMB, all down more than 4%.

Nigerian Breweries also shed 2.9%.

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