By Chioma Obinagwam
The Monetary Policy Committee (MPC) meeting of Nigeria’s apex monetary authority, the Central Bank of Nigeria (CBN), would fashion the posture of the Nigerian Exchange Limited (NGX) this week.
Confiance News gathered from Cordros Research (the research arm of Cordros Capital) at the weekend.
As earlier reported by Confiance News, equities at NGX sustained its bullish (upward) trend in the previous week, closing at 45,957.35 basis points (bps) – the highest level since 19th January 2018 (45,092.83 bps). Making it the third consecutive week of bullish run since the New year.
Nevertheless, just like other markets globally, NGX is propelled by information. So far, two major events is set to shape the decisions of investors in the current week- the release of the latest inflation report by the National Bureau of Statistics (NBS) and the MPC meeting with an expected outcome on Tuesday when the meeting will end.
Read also: NGX: Bulls to sustain dominance in equities ahead of dividends
Hence, the outcome of the meeting is expected to give clarity on key monetary parameters which will chart the course of the market in the current week.
Notwithstanding, the market may assume a mixed posture of bargain-hunting and profit-taking depending on the result of the meeting.
Already, the market has commenced the week on a negative note with the NGX All-Share index shaving 0.06 percent to close at 45,928.27 bps on Monday.
