This is a sharp contrast from the previous month when the market declined by 6.16 percent after losing more than N3.5 trillion in value following a 200 basis points increase in the monetary policy rate, MPR, to 24.75 percent by the central bank. This had resulted in migration of assets to the fixed income market.
Similarly, the market capitalization, which represents the value of the listed stocks, rose to N56.172 trillion from N55 553 trillion at the beginning of the month, also representing a 1.1 percent increase. Meanwhile, investment analysts have said that the market would be mostly bearish in June owing to the elevated interest rate and increased activity in the primary market due to the banking sector recapitlisation.
“However, the market is not expected to be on a free fall as there are expected to be bargain traders in-between this bearish season with a few upward swings in the process especially given some impressive Q1’24 results reported by some banks.
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Source: TODAY - 🏆 12. / 53 Read more »