The Nigeria Exchange Limited continued its bearish trend on Wednesday as investors recorded a N700,000 billion loss, 24 hours after the Central Bank of Nigeria, CBN, hiked the monetary policy rate to 22.75 per cent.
A further analysis showed that the All-Share Index, ASI, declined by 1.27 per cent.
Accordingly, the ASI dipped below the 100,000 points mark for the first time in over a month, ending the day at 99,302.57.
This is the third ASI decline since Monday, February 26.
The losses were fuelled by the increment of the monetary policy rate to a record high of 22.7 per cent, up from 18.75 per cent.
The announcement has affected market sentiments profoundly, leading to losses across the board except for the oil and gas sector.
NGX continues bearish trend as investors lose N700bn amid CBN’s interest rate hike
February 29, 2024||Comments Off on NGX continues bearish trend as investors lose N700bn amid CBN’s interest rate hike|African Business News
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