Nigerian equities market closes in red after MPC rate cut
Nigerian equities market closed down N1.141 trillion (0.92%) to N124.827 trillion after the Central Bank of Nigeria cut the Monetary Policy Rate (MPR) by 50 basis points to 26.50%. The All-Share Index fell 1,778.95 points (0.92%) to 194,484.61. Key losers included Daar Communications (-10%), Tantalizers (-10%), BUA Foods (-9.99%), Ellah Lakes (-9.96%), and Ja Paul Gold (-9.95%). Jaiz Bank (+10%) and Sterling Nigeria (+7.5%) led gains. Market breadth was negative with 40 losers vs 27 gainers. The downturn reduced year-to-date returns to 24.98%. Investors should monitor market reactions to the new MPR corridor (+50/-450 bps) and CRR adjustments.