Business
THE nation’s bourse returned to negative territory on Tuesday with the All-Share Index dropping by 0.05 per cent.
This came on a day the Monetary Policy Committee of the apex bank unanimously voted to keep key rates unchanged at its second meeting of the year.
The committee members, at the end of the two-day policy meeting, voted to hold all policy variables at current levels: retain Monetary Policy Rate at 11.5 per cent, the Cash Reserve Ratio at 27.5 per cent, and liquidity ratio at 30 per cent.
At the nation’s bourse, the All-Share Index lost 17.90 points or 0.05 per cent to close at 38,704.97, from 38,722.87 achieved on Monday.
Also, the market capitalisation dipped N9 billion to close at N20.250 trillion in contrast with N20.259 trillion posted on Monday.
The market loss was driven by price depreciation in large and medium capitalised stocks, amongst which are Chemical and Allied Products, Julius Berger, Nigerian Breweries, MTN Nigeria Communications and NPF Microfinance Bank.
Reacting to the market performance, analysts at Afrinvest Ltd., anticipated a mix of bargain-hunting and profit-taking in the local bourse in subsequent trading sessions.
Market sentiment closed negative with 21 laggards and 19 gainers.
Livestock Feeds led the losers’ chart in percentage terms, shedding 9.52 per cent to close at N1.90 per share.
It was trailed by Chams with a loss of 8.70 per cent to close at 21k, while Cornerstone Insurance dipped by 6.67 per cent to close at 56k per share.
Champion Breweries lost 6.25 per cent to close at N2.10, while Ecobank Transnational Incorporated shed 5.88 per cent to close at N4.80 per share.
Conversely, CAP and Wapic Insurance dominated the gainers’ chart in percentage terms, with 10 per cent each to close at N22 and 55k per share, respectively.
NPF Microfinance Bank followed with a gain of 9.94 per cent to close at N1.77 per share.
Julius Berger rose by 9.89 per cent to close at N20.55, while FTN Cocoa Processors appreciated by 9.30 per cent to close at 47k per share.
In spite of the drop in key indices, the total volume of trades increased by 48.03 per cent with a turnover of 410.39 million shares valued at N5.99 billion in 3,937 deals.
This was against an exchange of 277.24 million shares worth N3.05 billion achieved in 4,299 deals on Monday.
Transactions in the shares of Dangote Sugar Refinery topped the activity chart with 107.08 million shares valued at N1.804 billion.
United Bank for Africa followed with 78.54 million shares worth N416.27 million, while Transcorp traded 31.57 million shares valued at N25.26 million.
Guaranty Trust Bank sold 26.83 million shares worth N832.28 million, while Custodian Investment transacted 24.73 million shares valued at N148.69 million.
NAN
– Mar. 23, 2021 @ 18:55 GMT
Tags: NSE key market indices down 0.05%
