Harare - Stock market investors in most African equities markets were left counting their losses after all but a few recorded losses, in United States dollar (US$) terms, for the seven months to August 31, 2016.
Investors on the Nigerian Stock Exchange were the hardest hit with the all share index plummeting by 38.1% as of August 31, 2016. The NSE All Share Index dropped 7.4% over the past year but with the naira weakening, US$ losses were more pronounced.
Nigeria has since slid into recession after the country’s gross domestic product contracted by 2.06% in the second quarter. Uncertainty over the naira and limited access to foreign exchange has seen foreign investors limiting their participation on the NSE.