Buyers dominate stock market ahead of MPC outcome

Nigeria’s stock market witnessed increased buy-side activities on Tuesday as investors showed further interests in fundamentally sound stocks led by Unilever Nigeria Plc.

Ahead of the outcome of the Monetary Policy Committee (MPC) meeting, the market furthered its northward journey by 0.48 percent or N137billion despite some analysts’ expectation of cautious trading session.

Transcorp led the league of advancers after rising from N2.64 to N2.90, up by 26kobo or 9.85percent. It was followed by Tripple G which increased from N2.95 to N3.24, up by 29kobo or 9.83percent.

Also, Unilever rose from N13.40 to N14.70, up by N1.30 or 9.70percent. University Press also increased from N1.87 to N2.05, up 18kobo or 9.63percent. Chams also rose from 32kobo to 35kobo, up by 3kobo or 9.38percent.

Read also: Capital market benefits to the Nigerian government

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased further from preceding day’s low of 52,369.13 points and N28.515trillion respectively to 52,621.19 points and N28.652trillion.

Stocks like UBA, Zenith Bank, GTCO, Access Corporation and Transcorp were actively traded as investors in 5,946 deals exchanged 350,974,154 shares valued at N5.169billion.

Also, the market’s positive return year-to-date (YtD) increased to 2.67 percent.