Business

Stock market rebounds, investors gain N14bn

The stock market recovered on Wednesday with a gain of N14 billion after suffering a loss of N15 billion on Tuesday.

According to The PUNCH, the market capitalization of the All Share Index increased to N26.531 trillion, up 10.25 basis points or 0.02 per cent, bringing it to a close at 49,171.70 basis points.

It was also gathered that gains in medium and large-cap stocks, such as BUA Cement, Ardova, Sterling Bank, Chams, and Jaiz Bank, influenced the positive trend.

The stock was down by N241 billion at the end of last week as investors traded amid uncertainty surrounding the Central Bank of Nigeria’s Monetary Policy Committee meeting this week.

AM Business reported that the CBN raised its Monetary Policy Rate to 15.5% on Tuesday, following a two-day MPC meeting in Abuja.

The CBN also increased the Cash Reserve Ratio from 27.5 per cent to 32.5 per cent.

Mr. Rasheed Yusuf, who is the leader of the Nigerian capital market, said that the stock market was reacting to a number of events both in Nigeria and around the world.

According to him, “locally, you know our economy is not doing well. If the economy is not doing well then, the stock market has to react.”

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