Equities Investors Gain ₦28.28bn amidst Policy Rate Cut
Investors’ fortune rises N28.8 billion Tuesday amidst 100 basis points policy rate hacks by the Central Bank of Nigeria’s Monetary Policy Committee.
The local bourse recorded a positive performance as the All-Share Index advanced 31 basis points (bps) to 25,654.90 points.
Value of stocks surged following gains in MTNN (+2.4%), DANGSUGAR (+0.8%) and FBNH (+2.0%).
Consequently, market capitalisation rose to ₦13.4 trillion as investors gained ₦28.8 billion while year to date loss improved to -4.4%.
Activity level advanced as volume and value traded rose 33.6% and 158.8% respectively to 262.1m units and ₦4.4 billion.
The most traded stocks by volume were ZENITH (45.9m units), FBNH (24.1m units) and TRANSCORP (20.9m units).
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MTNN transaction valued at ₦1.6 billion, ZENITH ₦766.3 million and PRESCO at ₦626.9 million led by value.
Afrinvest said sector performance was lackluster as 5 of the 6 indices that the firm covers closed in the negative region.
But the AFR-ICT index was the lone gainer, up 1.2% following price accretion in MTNN (+2.4%).
On the flip side, the Insurance index was the worst-performing indicator, losing 1.1% due to price decline in CORNERSTONE (-6.2%) and LINKASSURE (-5.0%).
Similarly, the Banking and Oil & Gas indices posted respective losses of 0.6% and 0.2%, on the back of sell pressures in UBN (-6.5%), ACCESS (-0.8%) and OANDO (-1.7%).
Then, losses in INTBREW (-2.9%) and DANGCEM (-0.2%) dragged the Industrial and Consumer Goods indices lower by 0.1% apiece.
Investor sentiment as measured by market breadth fell to 0.5x from the 0.6x recorded previously as 9 stocks gained against the 17 that lost.
The top gainers were REDSTRAREX (+9.8%), CHIPLC (+9.7%) and TRANSEXPRESS (+9.3%) while UBN (-6.5%), CORNERSTONE (-6.2%) and LINKASSURE (-5.0%) lost the most.
“We expect bargain hunting to persist in the market”, Afrinvest stated.
Equities Investors Gain ₦28.28bn amidst Policy Rate Cut
