The Nigerian Stock Exchange (NSE) continued its bullish trend on the heels of the Monetary Policy Committee's decision to hold key rates for 12 months in a row. The Central Bank of Nigeria (CBN) Governor on Tuesday 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.
“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.”
