Bulls Break Losing Run As Equities Market Gains N95bn

The Nigerian equities market ended yesterday’s trading session on a positive note, gaining N95 billion as investors reacted to the Monetary Policy Committee (MPC) verdict.

The MPC at its 303rd meeting voted on policy parameters as follows: Monetary Policy Rate (MPR) retained at 27 per cent; Cash Reserve Ratio (CRR) maintained at 45 per cent for Commercial Banks and retained at 16 per cent for Merchant Banks, also retained the 75 per cent CRR on non TSA public sector deposits; and Liquidity Ratio (LR) at 30 per cent.

The All Share Index (ASI) gained by 148.52 points, representing a growth of 0.10 per cent to close at 143,763.13 points. Also, market capitalisation gained N95 billion to close at N91.441 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Eunisell Interlinked, Nigerian Aviation Handling Company (NAHCO), UACN, NCR Nigeria and Ikeja Hotel.

The market sentiment turned positive, as 26 advancers outweighed 20 decliners. NCR Nigeria recorded the highest price gain of 9.98 per cent to close at N45.20 per share. Ikeja Hotels followed with an increase of 9.86 per cent to close at N22.85, while Prestige Assurance up by 9.56 per cent to close at N1.49 per share.

Eunisell Interlinked went up by 9.49 per cent to close at N86.50, while Sterling Financial Holdings Company rose by 8.96 per cent to close at N7.30 per share.

On the other hand, Union Dicon Salt and Caverton Offshore Support Group led the losers’ chart by 10 per cent each to close at N6.30 and N4.95, while SUNU Assurance followed with a decline of 4.78 per cent to close at N4.38 per share.

Lasco Assurance depreciated by 4.58 per cent to close at N2.50, while AXA Mansard Insurance declined by 4.23 per cent to close at N12.45 per share.

Meanwhile, the total volume traded declined by 18.62 per cent to 556.153 million units, valued at N18.714 billion, and exchanged in 19,500 deals. Transactions in the shares of First Holdco topped the activity chart with 93.717 million shares valued at N2.909 billion. Access Holdings followed with 81.764 million shares worth N1.689 billion, while Fidelity Bank traded 41.793 million shares valued at N796.389 million.

FCMB Group traded 38.028 million shares valued at N386.756 million, while United Bank for Africa (UBA) sold 31.951 million shares worth N1.151 billion.