HomeBUSINESSNigerian Stocks Edge Up 0.11% Amid Interest Rate Hike

Nigerian Stocks Edge Up 0.11% Amid Interest Rate Hike

-

IMG 20240522 WA0001

By Fasuyi Tolulope

Despite the Central Bank of Nigeria’s (CBN) decision to increase the interest rate by 150 basis points to 26.25 percent at its Monetary Policy Committee (MPC) meeting on Tuesday, Nigerian stocks experienced a slight gain. The Nigerian Exchange (NGX) Limited saw a positive reaction, appreciating by 0.11 percent during the session. This uplift was primarily driven by a 0.79 percent growth in the consumer goods sector and a 0.16 percent rise in the banking index.

The gains in these sectors offset a 0.38 percent decline in the insurance sector, while the energy and industrial goods sectors remained unchanged at the close of business. By the end of trading, the All-Share Index (ASI) had risen by 107.45 points, reaching 98,285.33 points from the previous 98,177.88 points. The market capitalization increased by N61 billion, closing at N55.598 trillion, compared to Monday’s N55.537 trillion.

However, there were notable losses as International Energy Insurance dropped by 9.70 percent to N1.49, Deap Capital fell by 8.33 percent to 44 Kobo, UPDC decreased by 7.69 percent to N1.20, Coronation Insurance declined by 7.25 percent to 64 Kobo, and Sterling Holdings dipped by 6.25 percent to N4.20.

The trading day was marked by cautious activity on Customs Street, with investors closely monitoring the outcome of the MPC meeting. A total of 222.9 million stocks worth N5.2 billion were traded in 7,228 deals, a significant decline compared to the previous day’s 405.7 million stocks worth N6.7 billion in 8,439 deals. This represented decreases of 45.06 percent in trading volume, 22.39 percent in value, and 14.35 percent in the number of deals.

GTCO led the activity table with 40.6 million shares traded, valued at N1.6 billion. Other notable trades included Access Holdings with 27.5 million shares worth N469.1 million, UBA with 24.0 million shares for N502.4 million, Transcorp with 22.8 million shares for N260.7 million, and Jaiz Bank with 11.6 million shares valued at N24.3 million.

On the gainers’ side, Berger Paints saw a significant rise of 9.96 percent, closing at N14.90. Nestle Nigeria improved by 9.76 percent to N900.00, Sovereign Trust Insurance increased by 8.11 percent to 40 Kobo, Royal Exchange grew by 7.14 percent to 60 Kobo, and Tantalizers advanced by 6.38 percent to 50 Kobo.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Breaking: House of Representatives Slashes Salaries by 50% to Support Nigerians...

0
Breaking: House of Representatives Slashes Salaries by 50% to Support Nigerians in Economic Crisis Afor Kenneth In a show of solidarity with Nigerians facing economic hardship...
Verified by MonsterInsights