Nigeria’s equities market rose by 0.87 percent on Wednesday, recording its first positive close ahead of Thursday’s decision by the Monetary Policy Committee (MPC) which started its first meeting of the year on Wednesday.
The market’s positive close was made possible by stocks like BUA Foods, Eterna, RT Briscoe and Sunu Assurances.
Though the stock market moved northwards on Wednesday, it had closed south on the previous day shortly after Nigeria’s rebased inflation report for January was released by the National Bureau of Statistics (NBS) showing it printed lower at 24.48 percent.
Read also: Here’re analysts views on stocks ahead of inflation data, MPC outcome
At the close of trading on Wednesday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased first time this week, from preceding trading day’s lows of 107,670.98 points and N67.179 trillion respectively to
108,609.51 points and N67.684 trillion.
BUA Foods led the league of major advancers after its share price rose from N373.50 to N410.50, adding N37 or 9.91 percent. It was followed by RT Briscoe which increased from N2.46 to N2.63, adding 17kobo or 6.91 percent.
Eterna, another major advancer also rose from N40 to N42.50, adding N2.50 or 6.25 percent, while Sunu Assurances increased from N6.52 to N6.92, adding 40kobo or 6.13 percent.
Access Holdings, Fidelity Bank, Zenith Bank, Sterling Financial Holdings and Coronation Insurance were actively traded stocks on Wednesday as investors in 12,970 deals exchanged 343,718,718 shares worth N8.631billion.
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