The all share index of the Nigerian Stock Exchange dropped lower than Zimbabwean stock exchange index at the close of business on Thursday, according to Bloomberg.com.
The country’s main equity index lost 25 percent this quarter after tumbling to a 22-month low, the continent’s largest retreat. The Nigerian measure dropped to 8.1 times estimated earnings Dec. 11, falling below Zimbabwe for the first time since Bloomberg started tracking the southern African nation in 2010.
The Nigerian Stock Exchange All Share Index (NGSEINDX) decreased 1 percent to 30,763.38 in Lagos, the lowest level since January 2013. The gauge, which has dropped almost 30 percent from this year’s high in July, fell 7.4 percent this week, the worst five-day decline since the week through Nov. 7. Its fall is the fourth-biggest among 93 stock gauges tracked by Bloomberg worldwide this quarter through Dec. 11.
Crude’s plunge below $65 a barrel has deepened the rout as Nigeria needs a price of $126 to balance its budget, more than any other major developing-nation producer bar Venezuela and Bahrain, according to Deutsche Bank AG.