Nigerian stocks fell the most in more than five months and bond yields rose after postponement of last weekend’s presidential and parliamentary elections at the last minute.
The postponement shocked investors and led to accusations and counter-accusations from both the All Progressive’s Party (APC) and the People’s Democratic Party (PDP).
Nigeria’s stock benchmark dropped 2.5 percent by 1.30 p.m. in Lagos, the most among major indexes globally and its biggest fall since Sept. 12. Dangote Cement Plc, owned by billionaire Aliko Dangote and the largest company on the floor, lost 3.6 percent. Yields on the government’s $1.5 billion Eurobond maturing in November 2027 rose 7 basis points to 7.19 percent.
The Independent National Electoral Commission shifted the presidential and parliamentary elections to February 23 and the governorship and states’ Houses of Assemblies Election to March 9.