Stock market dips by 0.04% as MPC retains benchmark rates

Nigeria’s stock market routed south on Thursday by 0.04 percent as the Monetary Policy Committee (MPC), rising from its two-day meeting retained its benchmark rates.

After the two-day monetary policy meeting, the Monetary Policy Committee (MPC) retained the Monetary Policy Rate (MPR) at 27.50 percent and retained the asymmetric corridor around the MPR at +500 basis points (bps)/-100bps.

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The MPC also retained the Cash Reserve Ratio (CRR) for deposit money banks at 50 percent; retained the CRR for merchant banks at 16 percent; and retained the liquidity ratio at 30 percent.

At the close of trading on Thursday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased from preceding day’s highs of 108,609.51 points and N67.684 trillion respectively to 108,568.5 points and N67.658 trillion.

Union Dicon led the league of major laggards on the Nigerian Exchange Limited after its share price decreased from N6.65 to N6, down by 65 kobo or 9.77 percent.

Also, CWG dropped from a high of N8.70 to N8.20, losing 50 kobo or 5.75 percent. Ikeja Hotel share price dropped from N12.60 to N11.90, losing 70 kobo or 5.56 percent, while Tantalizers dropped from a high of N2.05 to N1.95, down by 10 kobo or 4.88 percent.

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Ellah Lakes, Zenith Bank, GTCO, Jaiz Bank and UBA were actively traded stocks on Thursday. In 13,269 deals, investors exchanged 421,256,435 shares worth N8.424billoon.