Nigerian stocks at eight-year low as coronavirus cases rise

Nigerian stocks fell 2.94% on Thursday to their lowest level in more than eight years as the number of coronavirus cases in the West African nation rose.

Nigeria on Wednesday recorded eight confirmed coronavirus cases. On Thursday Lagos state confirmed four new cases, a local TV station said, quoting the Lagos state health commissioner said.

Nigeria’s stock index fell to 22,078 points to a level last seen in July 2012. The index of Nigeria’s top 10 lenders, the most liquid sector, fell 7.75% to lead the decliners.