Nigerian stocks fell further Friday amidst sustained profit-taking due to the fear of an adjustment of the policy rate adjustment by the Monetary Policy Committee.Market capitalisation stood at N21.448 trillion after losing N51 billion.Ambrose Omordion, the Chief Operating Officer of InvestData Ltd., attributed the bearish trend to fear of likely rate cut by MPC.
“Historically, February is a dicey month for the stock market, despite being the period for early filers of full year earnings reports,” Mr Omorodion said. He said the fear was heightened by the latest FGN Bonds that reopened on adjusted and juicier rates for long-tenored bonds.
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