Investors in the Nigerian stock market lost about N1.5 trillion of their investment in the stock market following the adjustments in the Central Bank of Nigeria, CBN’s Monetary Policy Rate, MPR, at the Monetary Policy Committee, MPC, which was held on 26th and 27th of February.
Recall that the meeting raised the MPR by 400 basis points to an MPR height of 22.75 percent from 18.75 percent.
The NGX market capitalisation, which represents the total value of investment on the Nigerian Exchange Limited, NGX, dropped to N54.317 trillion at the close of trading on Wednesday from N55.810 trillion recorded on Monday.
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On Tuesday, when the Governor of the CBN, Yemi Cardoso, announced the new MPR, the stock market went down with investors’ losing N773 billion and on Wednesday it dropped further by N720 billion.
In the same vein, another major stock market gauge, NGX All Share Index, ASI, declined for the two consecutive days by 2.7 percent to close at 99,266.02 points from 101,995.53 points it closed on Monday.
Trading analysis shows that the NGX ASI declined on Tuesday and Wednesday by 1.4 % and 1.3% respectively.
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