Investors’ sentiment wanes against new CBN policy
Investors’ sentiment wanes against new CBN policy
LAGOS — Financial markets recorded dramatic reversal of fortunes barely 24 hours after a bullish reaction to new monetary policy measures introduced by the Central Bank of Nigeria, CBN.
The apex bank had in its last Monetary Policy Committee, MPC, on Tuesday, effected major cuts in benchmark money rates and the next day stock market bounced back while treasury market bubbled.
However, investors in the stock market, yesterday, reversed their sentiment while trading in bonds took sell-off pressures for profit takings.
Stockbrokers told Vanguard yesterday that “speculative trades pulled stock market back into negative territory with All Shares Index, ASI, of the Nigerian Stock Exchange returning to the dead zone a day after the CBN’s decision to lower rates had propped the benchmark index to end its extended losing streak”.
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