Nigerian Exchange Inches Higher as MPC Sustains Rates
Some listed companies stock reacted positively to the monetary policy committee (MPC) of the Central Bank (CBN) decision to hold key rates at the first meeting in the year 2022 ended today.
Intraday market data shows that the local bourse had plunged 0.05% as investors in the fixed income market awaited the outcome of the policy committee meeting.
The decision to keep benchmark rates reduces expectation for yield repricing in the fixed income market, albeit, moderate amidst government plan to borrow from the debt market to plug in deficits.
Though with moderate gain, price appreciation halts the downward trend seen in the equity market on, Monday. Market data shows that the Nigerian equity market rebounds marginally by 0.02 per cent.
The recovery follows the investors’ positive sentiment in 20 medium and large capitalized stocks. As a result, the Nigerian Exchange All-share index expands by 11.24 basis points, representing an increase of 0.02 per cent to close at 45,939.51 points.
Also, the equity market capitalisation inched higher by ₦6.06 billion, representing a surge of 0.02 per cent to close at ₦24.76 trillion. Today, stock market activities remain mixed as the total volume traded plunged by 11.10% while the total value rose by 23.90 per cent.
A total sum of 247.69 million units valued at ₦3.58 billion was transacted in 4,242 deals, according to Atlass Portfolios Limited. GTCO led the most traded stock in terms of volume, accounting for 9.90 per cent of the total volume of trades. Read: Nigerian T-Bills Yield Inches Higher Ahead of CBN Auction
The bank stock was followed closely by COUTVILLE (8.65%), TRANSCORP (8.25%), ZENITH BANK (6.99%) and CHAMS (6.68%) to complete the top five on the volume chart.
SEPLAT emerged as the most traded stock in value terms, with 26.93 per cent of the total value of trades on the exchange, according to market data COURTVILLE appeared as the best gainer, leading the advancers’ chart with an allowable maximum price appreciation of 10.00 per cent.
The company was trailed by ETI (9.94%), JAPAULGOLD (5.13%), SEPLAT (1.28%), UBN (0.85%), UBA (0.62%), NGXGROUP (0.49%), LIVESTOCK (0.47%) and twelve (12) others. A total of fifteen (15) stocks dipped, led by CILEASING with a price depreciation of 10.00 per cent to close at ₦3.78.
In the decliner category is MBENEFIT whose share price sheds 3.70%, UCAP falls by 1.38%, NEIMETH lost 1.04%, ACCESS declined 1.03%, TRANSCORP down 0.93%, FBNH slides 0.85%, ZENITHBANK bumps 0,78%, GTCO depreciates 0.58% and WAPCO falls by 0.39%.
As a result of the bargain-hunting spotted in the local bourse, the market breadth closed positive, recording 20 gainers and 15 losers. Overall, the market sector performance was relatively positive, led by Oil & Gas (0.69%), Banking (0.52%) and Consumer Goods (0.08%). Meanwhile, the Insurance and Industrial Goods sectors tanked by 0.88% and 0.03%, respectively.
#Nigerian Exchange Inches Higher as MPC Sustains Rates
