The Nigerian Stock Exchange (NSE) continued its rally
on Wednesday following the decision of the Central
Bank of Nigeria (CBN) monetary policy committee
(MPC) to hold key interest rate at 14 percent for 12
months running.
On Tuesday, Godwin Emefiele, the governor of the
bank, announced that the committee decided to “retain
the MPR at 14 per cent, CRR at 22.5 percent, retain the
liquidity ratio at 30.00 percent and retain the
asymmetric corridor at +200 and -500 basis points
around the MPR”.
Following the decisions, the NSE took an upward
swing on Tuesday to cross the N12 trillion mark for
market capitalisation, closing
at N12,085,339,769,999.12.
On Wednesday, the rally continued as the bourse
gained N577,392,634,642 to close at
N12,662,732,404,641.14..
All share index (ASI) also leaped to 36,740.77
from 35,065.47 on Tuesday.
The naira also appreciated at the parallel market from
N365 per dollar to N364 against the greenback.
According to Emefiele, the NSE gained by over 30
percent on major indices within the last quarter.
“The Committee noted the improvements in the
equities segment of the capital market as the All-Share
Index (ASI) rose by 33.33 per cent from 25,516.34 on
March 31, 2017, to 34,020.37 on July 21, 2017,”
Emefile said on Tuesday.
“Similarly, Market Capitalization (MC) rose by 32.84
per cent from N8.83 trillion to N11.73 trillion during
the same period.”
TheCable
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