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Stocks Market Gains 0.05% As MPC Maintains Status Quo



Following improved market sentiment witnessed on the Nigerian Stock Exchange (NSE), the stocks market, yesterday gained 0.05 per cent, reversing the previous day’s downtrend.
The National Bureau of Statistics (NBS) released its first quarter, 2017 GDP report yesterday, which recorded a contraction of 0.5 per cent year-on-year. Also, the Monetary Policy Committee of CBN maintained status quo on all rates at its just concluded meeting.
In summary, the All Share Index (ASI) gained 15.00 absolute points, representing a growth of 0.05 per cent to close at 28,093.30 points. Similarly, the market capitalisation gained N5 billion, to close at N9.712 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; ETI, Nigerian Breweries, Nestle, PZ Industries, Guaranty Trust Bank, FBN Holdings and Zenith Bank.
Analysts at Afrinvest Limited, “We reiterate that the upticks that have been witnessed in the market have been largely driven by improvements in the forex markets as well as macroeconomic fundamentals; consequently, we expect this positive run to be sustained in the trading sessions ahead.”
Market breadth closed positive recording 23 gainers against 18 losers. UAC Property led the gainers table by 9.41 per cent to close at N1.86 per share. Fidson followed with a gain of 8.89 per cent to close at N1.96, while Vitafoam appreciated by 4.98 per cent to close at N2.53 per share.
Also, Honeywell Flour went up by 4.96 per cent to close at N1.27 and Airlines Service rose by 4.91 per cent to close at N4.27 per share.
On the other hand, Dangote Flour led the laggards’ table by 4.84 per cent to close at N4.13 per share. Learn Africa trailed with a loss of 4.71 per cent to close at 81 kobo, while CCNN went down by 4.55 per cent to close at N4.61 per share. CI Leasing declined by 4.35 per cent to close at 66 kobo, while Diamond Bank shed by 4.35 per cent to close at 88 kobo per share