Market sees first gain this week amid MPR hike

Though on a slightly positive note, the Nigerian equities market recorded its first gain this week, rising by 0.03percent or N10billion on Tuesday.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its equities Market Capitalisation appreciated from preceding day’s 54,888.48 points and N29.899trillion to 54,904.68 points and N29.909trillion.

The Central Bank of Nigeria (CBN) on Tuesday after the second two-day Monetary Policy Committee (MPC) in the year, raised its benchmark interest rate known as the Monetary Policy Rate (MPR), by 50 basis point to 18percent, the sixth straight time.

GTCO, Lasaco, Transcorp, others cause market’s N18bn gain

By Iheanyi Nwachukwu • March 22, 2023

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.