Markets

Equities Market Dips by N46bn Amidst CBN Rate Hike

NGX

Samuel Mobolaji

Nigerian Stock Exchange (NGX) closed in the red yesterday as investors reacted to the Central Bank of Nigeria’s (CBN’s) decision to increase the Monetary Policy Rate (MPR) by 50 basis points to 26.75 per cent.

The NGX All-Share Index (ASI) lost 8 basis points, settling at 100,486.12 points by the close of trading, while the market capitalization declined by N46.70 billion to close at 56.90 trillion.

This cautious sentiment led to significant sell-offs in key sectors, particularly impacting Tier-one banking stocks. ZENITHBANK (-1.60%), FBNH (-0.91%), and UBA (-1.52%) led the downturn, contributing to the index’s decline.

Market statistics revealed a decrease in trade turnover, with 280.92 million shares.