Stock market opens week on negative note as focus shifts to inflation, MPC

Nigeria’s equities market opened the new week in red, decreasing by 0.11 percent at the close of trading on Monday, February 17 as investors focus shifts to expected inflation report and the possible outcome of upcoming Monetary Policy Committee (MPC) meeting.

The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) meeting holds this Wednesday February 19 and Thursday February 20.

Stocks like VFD Group, Ikeja Hotel, Learn Africa, Cornerstone, and UPDC were mostly offered while investors showed interest in stocks like Nigerian Breweries, Cadbury, The Initiates, International Energy Insurance and Nigerian Enamelware. VFD Group decreased most, from N58 to N52.40, losing N5.60 or 9.66 percent.

Read also: Here’re analysts views on stocks ahead of inflation data, MPC outcome 

It was followed by Ikeja Hotel which decreased from N14 to N12.60, down by N1.40 or 10 percent, while Learn Africa followed, from N4.30 to N3.87, losing 43kobo or 10percent.

At the close of trading on Monday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased from preceding trading day’s highs of 108,053.95 points and N67.418 trillion respectively to 107,937.74 points and N67.345 trillion.

The stock market year-to-date (YtD) return decreased to 4.87 percent. Access Holdings, AIICO, UPDC, Fidelity Bank, and UBA were actively traded stocks. In 17,095 deals, investors exchanged 511,100,383 shares worth N12.806billion.