Market sees first gain this week amid MPR hike

Though on a slightly positive note, the Nigerian equities market recorded its first gain this week, rising by 0.03percent or N10billion on Tuesday.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its equities Market Capitalisation appreciated from preceding day’s 54,888.48 points and N29.899trillion to 54,904.68 points and N29.909trillion.

The Central Bank of Nigeria (CBN) on Tuesday after the second two-day Monetary Policy Committee (MPC) in the year, raised its benchmark interest rate known as the Monetary Policy Rate (MPR), by 50 basis point to 18percent, the sixth straight time.

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At the NGX, Champion Breweries share price moved up most from N4.70 to N4.90, adding 20kobo or 4.26percent, followed by that of Sterling Bank which increased from N1.50 to N1.54, adding 4kobo or 2.67percent.

The market’s positive return year-to-date (YtD) printed higher at +7.13percent.

UBA Transcorp, Fidelity Bank, Zenith Bank and GTCO were top-5 traded stocks on Tuesday as investors in 2,987 deals, exchanged 127,744,567 shares valued at N1.586billion.

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