• Thursday, December 07, 2023
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Equities market upbeat over MPC decision on rates


 The Nigerian stock market reacted positively to the Monetary Policy Committee (MPC) decision to retain monetary policy rate (MPR) at 12 percent.

Driven by gains recorded by large-cap companies, the Nigerian Stock Exchange (NSE) All Share Index (ASI) rose above 37,000 psychological lines erasing the preceding day’s loss. The NSE ASI rose by 0.62 percent or 228.89 points to 37,046.63 points from the preceding trading day’s 36,817.74 points.

Likewise, the equities market capitalisation rose by N73billion from N11.769trillion to N11.842 trillion. This feat comes as equity dealers exchanged 466,669,422 shares valued at N7.886billion in 6,727 deals.

Gains recorded in the shares of Nestle Nigeria plc, Unilever Nigeria plc, Cadbury Nigeria plc, PZ Cussons plc, and Northern Nigeria Flour Mills plc contributed to the recorded gains in the market yesterday.

Nestle Nigeria plc rose from N945 to N963, after adding N18. Unilever Nigeria plc rose from N70.79 to N76, adding N5.21. Cadbury Nigeria plc appreciated from N44.50 to N48.50, adding N4. PZ Cussons plc also garnered N3.20, from N49.45 to N52.65; while Northern Nigeria Flour Mills plc rose from N23.56 to N25.91, adding N2.35.

Top on the losers list are Total Nigeria plc which declined from N165 to N158.90, after losing N6.10. Julius Berger Nigeria plc dipped from N58.69 to N56, shedding N2.69. Nigerian Breweries plc dropped from N176.17 to N175, after losing N1.17. UAC of Nigeria plc declined from N70.99 to N70.62, losing N0.37; while United Bank for Africa plc also dipped from N8.59 to N8.28, losing N0.31.

In a market related development, R.T Briscoe (Nigeria) plc released its first-quarter (Q1) unaudited group financial statements which showed that the company’s earnings per share (EPS) declined by a huge 90 percent when compared with same period in 2012. The Company’s earnings per share from continuing operations dropped to 2.86kobo in Q1 2013 from 27.84 kobo in Q1 2012.

Quarter-on-quarter (QoQ), the company’s revenue declined to N5.239billion from N5.461billion in 2012; while profit before tax dipped to N12.359million from N100.253million in same quarter of 2012. The company’s profit for the period from continuing operations dropped to N8.404million from N68.172million in Q1 2012. The company’s share price was unchanged at N1.80kobo after trading yesterday.