Stocks see slight gain as CBN holds interest rate

Nigeria’s equities market closed slightly in green on Tuesday, rising by 0.02percent or N6billion as the Central Bank of Nigeria (CBN) retained its benchmark interest rate at 11.5percent after the first Monetary Policy Committee (MPC) meeting of the year.

The market had kicked off the week on a negative note despite that investors are starting to take position in value counters ahead of full-year earnings releases.

Ecobank Transnational Incorporated Plc led the gainers after its share price rose from N9.05 to N9.95, up by 90kobo or 9.94percent, followed by Champion Breweries Plc which rose from N2.36 to N2.55, up by 19kobo or 8.05percent.

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At the close of trading session on Tuesday, the market’s performance indicators –the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and market capitalisation – increased respectively from 45,928.27 points to 45,939.51 points and N24.749trillion to N24.755trillion.

The market’s year-to-date (YtD) return stood slightly higher at 7.55percent. In 4,242 deals, investors exchanged 247,694,304 units valued at N3.577billion.

GTCO, Courteville Business Solutions, Transcorp, Zenith Bank and Chams stocks were most traded on Tuesday at the Nigeria Bourse.