Investors at the Nigerian stock market booked about N43billion gain on Tuesday, September 22 as investors raised bets on stocks like MTNN, Red Star Express, Dangote Sugar Refinery, and FBNH.
The Nigerian Monetary Policy Committee (MPC) in its fifth meeting in 2020 considered amongst other things, developments in the global and domestic economy, and decided to cut its benchmark interest rate to 11.5 percent, from 12.5 percent since May 2020.
The CBN, however, retained the Cash Reserve Ratio (CRR) at 27.5 percent and Liquidity Ratio at 30 percent. By a vote of three members, the MPC adjusted the Asymmetric Corridor around the MPR to +100/-700 basis points, from +200/-500 basis points.
The share price of MTNN increased most, from N120.1 to N123, adding N2.9 or 2.41percent. It was followed by that of Red Star Express which moved from N2.96 to N3.25, adding 29kobo or 9.80percent.
Dangote Sugar Refinery also advanced from N12 to N12.1, up 10kobo, or 0.83percent. FBN Holdings moved up from N4.9 to N5, up by 10kobo or 2.04percent.
The Nigerian Stock Exchange (NSE) All-Share Index (ASI) increased by 0.31percent on Tuesday, September 22 to 25,654.90 points from the preceding day’s low of 25,574.35 points.
The market’s negative return year-to-date (YtD) decreased to -4.42percent. Also, the value of listed stocks on the Nigerian Bourse increased by N43billion to N13.407trillion as against the preceding trading day’s low of N13.364trillion.
In 3,254 deals, investors exchanged 262,046,333 units valued at N4.399billion. Zenith Bank, FBN Holdings, Transcorp, FCMB, and GTBank were actively traded stocks.
