Nigerian Stock Market Surges ₦1.81 Trillion on CBN Reforms; Investors Optimistic
The Nigerian stock market witnessed a significant gain of ₦1.81 trillion following the Central Bank of Nigeria's decision to cut the Monetary Policy Rate to 27%. This move boosted investor confidence, leading to a reshuffling of portfolios towards equities from fixed income.
Data from the Nigerian Exchange Limited (NGX) revealed a surge in market capitalization to ₦20 trillion in September from ₦18 trillion in August, with the NGX All-Share Index (ASI) rising. Despite the positive trend, market breadth closed negative with 31 stocks declining and 28 gaining.
Analysts attribute the market's rebound in September to a mix of optimism and caution driven by expectations of strong corporate earnings and broader macroeconomic signals.
Plus234Feed summary based on reporting from NaijaNews. Read the original report below.
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