The Nigerian stock market reacted sharply to the interest rate hike, with market capitalisation rapidly falling in comparison to the gain recorded. As a result, stock investors lost N24 billion when they sold Geregu Power Plc and 13 other companies. The All-Share Index fell by 45.14 absolute points, or 0.09 percent, to finish at 52,612.55 points.
Similarly, the overall market capitalisation fell by N24 billion to N28.657 trillion. Losses in large and medium-cap stocks such as Geregu Power, Nigerian Breweries, Nigerian Exchange Group, Champion Breweries, and Industrial and Medical Gas Nigeria contributed to the downtrend. The total volume traded increased by 26.9% to 182.397 million units, valued at N4.822 billion, and traded in 3,470 transactions.
