Even as data revealed that "Nigeria" Africa's biggest economy is in danger of a recession. Nigerian stocks today entered a bull market (a market in which share prices are rising, encouraging buying) as investors bought equities in anticipation of a currency devaluation that would boost share prices.
According to Bloomberg, The Nigerian Stock Exchange All Share Index closed at 27,129.41 on Friday, more than 20 percent above a three-year-low in mid-January. The measure fell for the first time in four days on Monday, dropping 0.6 percent to 26,978.6 by 12:21 p.m. in Lagos, remaining in bull-market territory.
