Stock market fails to sustain gain

Nigeria’s equities market on Thursday failed to sustain previous day’s gain as it dropped by 0.42percent or N112billion at the close of trading session. This week, the market has decreased by 0.13 percent, while this month it has declined by 1.75percent.

The recent hike in MPR and CRR are expected to further fuel the bear market as equity investors reallocate funds to the fixed income markets.

After its two-day Monetary Policy Committee (MPC) meeting, the Central Bank of Nigeria (CBN) last Tuesday raised its benchmark interest rate …the Monetary Policy Rate (MPR) to 15.5 percent, the third straight hike this year.

Nigeria stocks lose N430bn in September

By Iheanyi Nwachukwu • September 30, 2022

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.