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Interest Rate Hike Crashes Stock Market Investments By N782bn

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The key performance indicator of the Nigerian Stock Exchange (NSE), the All-Share Index (ASI), went down by 2.82 per cent to close at 50,370.25 on July 31,

Meanwhile, market capitalisation for the period lost by N782 billion to N27.163 trillion from N27.945 trillion.

Capital market analysts attributed the decline during the month to the increase in Monetary Policy Rate by the Central Bank of Nigeria to 14 per cent, which has forced investors to divest to the fixed income market where the interest rate is attractive. Speaking on the stock market performance in July, professor of capital market at the Nasarawa State University Keffi, Professor Uche Uwaleke, said “the hike in the MPR in quick succession from 11.5 per cent to 13 per cent in May and now to 14 per cent could signal panic on the part of the CBN and heighten uncertainty.”

 

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