Marginally up 0.22% in 12 days
Nigeria’s stock market has remained resilient despite the protests across the country against Police brutality and the excesses of the Special Anti-Robbery Squad (SARS) which degenerated to civil unrest.
Though market watchers had expected that the unrest would create fear and uncertainty among investors who might be concerned about safeguarding their assets, the market defied the odd and rose by 0.22 percent within the 12 trading days the protest lasted, while investors recorded N32 billion cumulative gains.
Recall that equities have been trending upwards since the reduction in interest rate in the money market by the Central Bank of Nigeria (CBN) three weeks ago.
Analysts and other operators said the market has been able to sustain gains due to the liquidity constraints in the Foreign Exchange (FX) market, which has made selling activities by foreign investors impossible.
They also said that investors had off-loaded their…
Source: Vanguard Newspaper