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ARTICLE · 01 MAY 2024

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Regualtory Update - March 12, 2024

Stren and Blan Partners
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In February 2024, the Nigerian equities market faced volatility, resulting in a N1.3 trillion loss for investors.

NigeriaFinance and Banking
Stren & Blan Partners
Stren & Blan Partners

In February 2024, the Nigerian equities market faced volatility, resulting in a N1.3 trillion loss for investors. The NGX All Share Index depreciated by 2.4%, breaking a four-month growth streak. The market capitalization dropped from N55.357 trillion to N54.035 trillion. Intensified selloffs followed the Monetary Policy Committee's announcement of a record-high Monetary Policy Rate of 22.75%. Key contributors to the 3.3% Week-on-week decrease in ASI were declines in MTN Nigeria and BUA Cement. Sectoral performance was broadly negative, with losses in Industrial Goods, Insurance, Consumer Goods, Oil and Gas, and Banking sectors. The market's decline was attributed to profit-taking, selloffs, and reactions to the central bank's hawkish stance.

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