• Thursday, March 28, 2024
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Stocks market up marginally by 0.01% as MPC leaves rates unchanged

Nigerian-Stock-Exchange

The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased slightly by 0.01percent at the sound of closing gong on Tuesday January 22. This muted rally came despite 27 companies that recorded gains as against 12 laggards.

Also, the stock market’s mild gain came as the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) unanimously voted to leave key monetary policy rates unchanged at the end of its 2-day policy meeting.

The Committee decided to: Retain Monetary Policy Rate (MPR) at 14percent; maintain the asymmetric corridor around the MPR at +200/-500basis points; hold Cash Reserves Ratio (CRR) at 22.5percent; and keep liquidity ratio at 30percent.

The stock market Year-to-Date (ytd) return stood at a negative of 2.21percent. The All Share Index (ASI) closed at 30,736.88points against the preceding day close of 30,732.72 points while Market Capitalisation closed at N11.462 trillion against preceding day close of N11.461 trillion, indicating N1billion increase.

The volume of stocks traded decreased by 50.72percent, from 499.2million to 245.98million, while the total value of stock traded decreased by 55.83percent, from N5.53billion to N2.44billion in 3,320 deals.

Seplat Plc recorded the highest price gain after its share price increased from N530 to N540, up N10 or 1.89percent; RedStar Express Plc followed after rising from N4.4 to N4.8, up 40kobo or 9.09percent.

Also, the share price of GTBank Plc advanced from N31.7 to N32.1, up by 40kobo or 1.26percent; Custodian Investment Plc advanced from N6.15 to N6.5, up by 35kobo or 5.69percent; while Oando Plc increased from N4.4 to N4.7, up by 30kobo or 6.82percent.

The Financial Services sector led the activity chart with 218.40million shares exchanged for N1.814 billion.

Conglomerates followed with 9.7million shares traded for N29million. Diamond Bank Plc, Access Bank Plc, GTBank Plc, UBA Plc, and FBNHoldings Plc were actively traded stocks Tuesday on the Nigerian Stock Exchange.

Presco Plc led the laggards after its share price decreased from N62 to N60, down by N2 or 3.23percent. Cement Company of Northern Nigeria Plc followed from N26.9 to close at N25, losing N1.9 or 7.06percent. Nigerian Breweries Plc stock price declined from N81 to N80, down by N1 or 1.23percent. United Bank for Africa Plc dipped from N7.35 to N7.25, losing 10kobo or 1.36percent; followed by NEM Insurance Plc stock price declined from N2.6 to N2.5, also losing 10kobo or 3.85percent.

 

Iheanyi Nwachukwu