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Campus Drive
Investors in the Nigerian stock market may face continued challenges, as analysts predict that the outcome of the recent Monetary Policy Committee meeting will drive further asset reallocation away from equities.
While the market began the week positively, negative sentiments resurfaced later when investors reacted to the MPC’s decision to further hike the Monetary Policy Rate by 150 basis points to 26.25 percent in response to rising inflation.
The ensuing sell-off in the wake of this rate hike decision led to a loss of 290 billion naira in investor wealth, with banking stocks bearing the brunt of the sell-off pressure.
Consequently, the All Share Index fell by 0.52 percent to close at 97,612.51 points, reflecting the market’s bearish reaction to the MPC’s aggressive monetary tightening measures aimed at taming inflation.
At least 35 people were killed in an Israeli airstrike on a camp for displaced people in the city of Rafah in southern Gaza on Sunday, according to Gazan authorities. The deadly Rafah strike comes just days after the International Court of Justice ordered Israel to halt its operations in the city, and Egypt has condemned the airstrike, calling on Israel to implement the ICJ's measures. The area targeted by […]
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