Business

Investors in stocks remain cautious and lose N290 billion.

today05/27/2024 3

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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.

Written by: bossgmsi

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