Business News

NGX Loses 0.16% as Investors Dump Financial Stocks

Financial Stocks

By Dipo Olowookere Investors reacted to the hawkish tone of the Central Bank of Nigeria (CBN) at the local stock market on Wednesday by selling off financial stocks. The apex bank on Tuesday further increased the benchmark interest rate by 1.50 per cent to 26.25 per cent in a bid to tame inflation, which has defied all possible solutions proffered except for insecurity from the food-producing areas of the country. At midweek, the Nigerian Exchange (NGX) Limited returned to the red territory with a 0.16 per cent loss due to profit-taking in the financial services sector. Consequently, the All-Share Index