Business News

NGX Index dropped at 3.27% – Investors become bearish wary of the current stock market

This week on “Follow the Money,” Ugodre delved into the latest developments in the financial markets. He discussed the significant drop in the NGX all share index by 3.37% as stocks experienced a bearish run, notably experiencing a pullback on Wednesday. Suspicions arose regarding the cause, with the increase in interest rates by the Central Bank of Nigeria (CBN) being a likely factor. Investors are now eyeing fixed income securities, anticipating potentially high yields in response to these market shifts.

Furthermore, Ugodre highlighted the upcoming listing of Transcorp Power as a separate entity on the NGX. With shares valued at 240 naira per share, this move presents fresh opportunities for investors seeking diversification within the market. However, amidst these developments, MTN’s recent financial report revealed a substantial loss of 177.8 billion Naira before tax, primarily attributed to a significant foreign exchange loan of 740 billion Naira.

Tune in to this week’s episode of Follow the Money for more valuable insights.

Back to top button