Nigeria’s stock market closed Tuesday’s trading session in green as investors raised bet on notable banking counters.

Stanbic IBTC led the gainers table after its share price moved from N39.55 to N42.35, up by N2.8 or 7.08percent; followed by UBA which moved from N7.7 to N8.2, adding 50kobo or 6.49 percent, and Access Bank that rallied from N7.9 to N8.35, up by 45kobo or 5.70 percent.

The Nigerian Stock Exchange (NSE) All-Share Index appreciated by +0.65 percent from 34.121.78 points to 34,340.56 points while the value of listed stocks increased by about N113 billion from N17.830 trillion to N17.943 trillion.

The Monetary Policy Committee (MPC) of the Central Bank (CBN) on Tuesday concluded its two-day policy meeting which is the last for the year 2020.

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The committee resolved to hold all policy variables at current levels with the intention to give more room for the previous rate cut to run its full course on the economy.

The policy decisions reached were as follows: The benchmark interest rate (MPR) was held at 11.50 percent; the asymmetric corridor remained at +100/-700 basis points (bps) around the MPR; the cash reserve ratio held at 27.50 percent; and the Liquidity Ratio retained at 30 percent.

The stock market’s positive return year-to-date (YtD) stood higher on Tuesday at +27.94 percent. In 6,325 deals, investors exchanged 365,413,814 units valued at N4.691 billion.

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Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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