Nigerian Exchange (NGX) experienced N1.32 trillion loss due to selloffs in Zenith Bank, GTCO, Dangote Cement, among others

MARKET NEWS — Equity investors on the Nigerian Exchange Ltd. (NGX) experienced a significant loss of N1.32 trillion in the just concluded week. The downward performance was driven by selloffs in Tier-one banking stocks, namely: Zenith Bank, Guaranty Trust Holding Company (GTCO), and also Dangote Cement, Dangote Sugar, and African Prudential, among others. Specifically, investors reacted negatively to the Central Bank of Nigeria’s (CBN’s) hike in the Monetary Policy Rate (MPR) announced within the week. CBN’s Monetary Policy Committee (MPC) on Tuesday announced another increase in the country’s MPR by 50 basis points to 26.75 per cent, from 26.25 per cent... gazettengr.com