NGX: Market capitalisation gains N346 billion after MPR hike
Trading on the Nigerian Exchange Ltd. rebounded on Wednesday with market capitalisation inching higher by N346 billion to close at N28.352 trillion, compared with N28.006 trillion on Tuesday.
Also, the All-Share Index (ASI), which opened at 51,949.64 rose by 641.77 points or 1.24 per cent to close at 52,591.41 on Wednesday, the largest single day gain since May 11.
The Year-to-Date (YTD) return rose to 23.12 per cent.
Analysts at Vetiva Dealings and Brokerage said, “With the Monetary Policy rate hike and profit taking activities, the market closed today’s session with sell-offs across all sectors except for the telecoms sector, where demand in the dual-listed stock AIRTEL AFRICA improved market performance.
“We are likely to see another bearish close as negative sentiments filter into tomorrow’s trading session.”
Market breadth closed negative as 39 stocks declined while 10 advanced.
Chams Plc topped the gainers’ chart, gaining 9.52 per cent to close at 23k per share.
Airtel Africa followed with 9.39 per cent to close at N1,608, while FTNCocoa added by 6.06 per cent to close at 35k per share.
Veritas Kapital Assurance rose by 4.76 per cent to close at 22k, while Royal Exchange Assurance increased by 3.64 per cent to close at N1.14 per share.
On the other hand, McNichols Consolidated and Champion were up on the losers’ chart, dropping by 10 per cent each to close at N1.98 and N3.42 per share respectively.
PZ also lost by 9.92 per cent to close at N11.35, while Regent Alliance Insurance dipped by 9.68 per cent to close at 28k per share.
NEM Insurance lost 9.25 per cent to close at N3.63.
UACN maintained its leadership as the most active stock, exchanging 48.19 million shares valued at N618.64 million.
United Bank for Africa (UBA) followed with 31.85 million shares worth N250.52 million, while AccessCorp traded 30.69 million shares valued at N300.77 million.
First Bank of Nigeria Holdings (FBNH) sold 30.62 million shares worth N327.32 million, while Transcorp exchanged 27.33 million shares valued at N32.35 million.
In all, investors bought and sold 382.46 million shares worth N4.23 billion in 5,999 deals.
This was in contrast with 720.19 million shares valued at N8.87 billion exchanged in 6,096 deals on Tuesday.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
2023: Abacha’s son Muhammad wins Kano PDP governorship Primary
Muhammad Abacha, son of Nigeria’s former military dictator Sani Abacha, has emerged as the governorship candidate of the Peoples Democratic Party (PDP).
Politics
2023: Female PRP presidential aspirant woos Kano delegates
“I hereby appeal to you to support my presidential ambition by voting for me to clinch the party’s ticket at the forthcoming primary election,” said Ms Ndidi-Key.
Politics
Anambra PDP holds three-member ward delegates’ congress
PDP on Wednesday elected three-member ward delegates in Anambra North and South senatorial districts, ahead of the state congress.
Politics
2023: Ohuabunwa picks Abia North PDP senatorial ticket
Mr Ohuabunwa was a member of the Eighth Senate but lost his second term bid in 2019 to Orji Kalu, a former Abia governor.
Politics
2023: Jajari wins Borno PDP governorship primary
The governorship election committee chairman urged all the contestants to accept their result as a will of God, noting that nobody was a winner or loser.
Politics
Ogun PDP holds parallel governorship primaries, produces two candidates
Two factions of the Ogun chapter of the PDP held parallel governorship primaries in Abeokuta on Wednesday to elect governorship flag bearers.
