JP Morgan removes Nigeria from its list of emerging market recommendations

JPMorgan has removed Nigeria from its list of emerging market sovereign recommendations that investors should be ‘overweight’ in, saying the country had not taken advantage of high oil prices. Analysts use overweight and underweight to broadcast recommendations on buying or avoiding stocks of certain sectors. Analysts attach an overweight recommendation to a stock that they believe will outperform its sector in the near future. According to Reuters, the bank analysts said Nigeria’s national oil company (NNPC) did not transfer any revenue to the government from January to March this year due to petrol…

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