Nigerian Stock Index Drops to 2-Year Low as Oil Trades Under $60

Nigeria’s benchmark stock index tumbled to an almost two year low as the outlook for Africa’s biggest oil producer worsened with Brent crude trading below $60 a barrel.

The Nigerian Stock Exchange All Share index  weakened 2.3 percent to 29,789.59 in Lagos, the commercial capital, its lowest close since Jan. 15, 2013. The gauge has dropped 28 percent this quarter, the worst performance in Africa. The naira depreciated 0.2 percent to 180.65 against the dollar at 3:03 p.m., extending its loss since October to 9.3 percent.

Dangote Cement Plc (DANGCEM), controlled by Africa’s richest man Aliko Dangote and the largest company on the bourse, fell 4 percent to its lowest close since March 2013. Eight stocks rose, 34 dropped and 153 were unchanged.