Nigerian stocks were weaker by 0.07 per cent on Monday as investors’ resolve to rid themselves of stocks was stronger than their willingness to hold them, causing the benchmark to go for a third day without a gain.
Investors were reluctant in risk-taking as the consumer inflation data of Africa’s largest economy for July was issued Monday morning, showing the nation’s headline inflation at 19.6 per cent, a level last seen almost seventeen years ago in 2005.
That figure matches the forecast of analysts at United Capital released before the inflation statistics became public.
The costs of bread and gas were the pressure points, the statistics office noted in its release. And the latest surge in cost of living rate will most likely be an invitation for a further interest rate hike when the monetary policy panel meets in September, a trajectory that does not often favour stocks.
Traders ignored the astounding half-year earnings performance of oil palm processor Presco…
