Nigeria: Stock Investors Gain N619bn in May Despite Rates Hike

June 3, 2024--Analysts expect bearish outlook in June
The equities market defied the persistent hike in interest rate by the Central Bank of Nigeria, CBN, at the end of trading in May with investors recording a marginal gain of N619 billion.

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.