Nigerian Bonds, Stocks Rally As Observers See Voting As Peaceful

31 March 2015

Nigerian bonds extended a rally, sending Eurobond yields to three-month lows, and stocks rose as voting in elections went more peacefully than anticipated, spurring investors to buy assets before final results are announced.

According to Bloomberg, more than three shares climbed for every one that fell on the Nigerian Stock Exchange (NSE) All Share Index monday as observers from the European Union and Commonwealth said presidential and parliamentary elections last weekend were generally peaceful and transparent. Yields on $500 million of Nigerian dollar bonds due July 2023 fell for the eighth day to the lowest since December 10.

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