Nigerian banking stocks slumped the most since June 2016 a day after the re-election of President Muhammadu Buhari, as some investors showed disappointment at the defeat of his market-friendly opponent.

An index of Nigeria’s 10 largest banking stocks dropped 4.6 percent by the close in Lagos Thursday, while the country’s benchmark stocks index retreated for a third day.

The Lagos market’s biggest laggers by index points were Guaranty Trust Bank Plc, which dropped 6.9 percent, Zenith Bank Plc, which fell 4 percent and Nigerian Breweries Plc, down 4.5 percent.

“We are seeing investors react negatively in the short term” to the election results, Olabisi Ayodeji, an analyst at Exotix Capital, said from Lagos.

Buhari easily won a second term as president of Africa’s biggest oil producer with promises to revive an anemic economy and tackle security threats including a devastating insurgency by Islamic State. His main opponent, Atiku Abubakar, who was seen as favored by investors, has rejected the results of the weekend vote.