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Fund managers in Nigeria have been moving cash into government bonds this year and selling riskier assets, dampening a stock market rally as uncertainty over forthcoming elections and growing security risks hit demand for equities.
Nigeria's main stock index returned 44 percent in dollar terms in 2013, thanks to a stable naira currency, making it one of the best performing African equity markets. The gains boosted its allure as an investment destination, attracting foreign investors and pension funds.
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