Ahead of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) meeting, the Nigerian stock market has maintained positive momentum, with the NGX All Share Index rising by 0.8% to 98,247.99 points.
Investors are closely watching as the MPC prepares to set a new Monetary Policy Rate (MPR), which will determine lending interest rates in the country.
Analysts predict the CBN may keep the current MPR steady due to slowing inflation trends.
Market activity last week saw a significant boost in market capitalization, gaining N455 billion to close at N56.466 trillion.
Key stocks such as Geregu Power, Fidelity Bank, and MTNN led the market’s positive performance.
Analysts at Cordros Research expect the CBN to adopt a cautious approach, maintaining the MPR at 26.25% to ensure economic stability amid inflation and currency pressures.
Analysts also foresee mixed sentiment in the stock market as investors reposition their portfolios ahead of Q3 earnings reports.
Despite volatility, portfolio realignments continue as investors take advantage of market pullbacks, signaling confidence in the potential for further gains in the Nigerian stock market.
(Vanguard)