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Nigeria’s Forte Oil Falls Most in Nine Months as MSCI Exit Looms
LAGOS (Capital Markets in Africa) – Nigerian fuel retailer and electricity provider fell 9.7 percent to 43.89 naira by Monday close in Lagos. Volume traded more than 3 times the daily average for past 3 months. Decline “may be related to investors’ reactions to the announcement of the complete removal of the stock from the MSCI Frontier Market Indexes,” Kikelomo Alatise, equity analyst at Lagos-based Meristem Securities, says by email Funds tracking stocks that were deleted…
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