Economy
THE domestic bourse posted a 0.03 per cent rebound to close at N29.909 trillion, gaining N10 billion, following the upward review of the Monetary Policy Rate, (MPR) from N17.50 per cent to 18 per cent on Tuesday.
Specifically, the market capitalisation gained N10 billion or 0.03 per cent to close at N29.909 trillion when compared to N29.899 trillion recorded on Monday.
Also, the All-Share Index rose by 18.64 points or 0.03 per cent to close at 54,904.68 as against 54,886.04 recorded on Monday.
As a result, the ASI’s year-to-date (YTD) return increased to 7.13 per cent.
The upturn was impacted by investors’ interest in stocks of Zenith Bank, WAPIC and Stanbic Bank, mong others.
Linkage Assurance led the gainers’ chart in percentage terms by 9.76 per cent to close at 45k, per share.
WAPIC followed with a gain of 7.89 per cent to close at 41k, while Champion Breweries rose by 4.26 per cent to close at N4.90, per share.
Sterling Bank rose by 2.67 per cent N1.54, while Jaiz Bank appreciated by 2.30 per cent to close at N1.54, per share.
On the other hand, Ikeja Hotel drove the losers’ chart by 9.65 per cent to close at N1.03, per share.
Cadbury followed with a decline of 5.83 per cent to close at N11.30, while University Press depreciated by 4.76 per cent to close at N2, per share.
International Breweries declined by 4.30 per cent to close at N4.45, while Regency Aliance Insurance depreciated by 2.30 per cent to close at 89k, per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 44.84 per cent.
A total of 127.74 million shares valued at N1.59 billion were exchanged in 2,987 deals.
Market breadth closed positive as 12 stocks increased while nine others declined.
Transactions in the shares of United Bank Aftica (UBA) topped the activity chart with 19.6 million shares valued at N157.25 million.
Transcorp followed with 14.45 million shares worth N18.51 million, while Fidelity Bank traded 12.73 million shares valued at N65.67 million.
Zenith Bank traded 11.96 million shares valued at N298.84 million, while Guaranty Trust Holding Company (GTCO) transacted 10.47 million shares worth N258.24 million.
Following the decision by the Monetary Policy Committee to raise the MPR by 50 basis points to 18 per cent, analysts at Vetiva Securities Ltd. anticipate a rise in yields in the Fixed Income market in the coming sessions.
“This could further dampen sentiment in the equity market,” the analysts said. (NAN)
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Tags: Stock market rebounds
