The upturn in the stock market was impacted by
gains recorded in medium and large capitalised
stocks [Reuters/Akintunde Akinleye]
The market capitalisation rose by N113 billion to
close at N17.943 trillion.
The nation's bourse on Tuesday halted three
consecutive days bearish posture with a growth of
N113 billion due to interest rate retention at 11.5
per cent.
Specifically, the market capitalisation rose by N113
billion to close at N17.943 trillion from N17.830
trillion achieved on Monday.
Also, the All-Share Index which opened at
34,121.78 rose by 218.78 points or 0.64 per cent
to close at 34,340.56.
The News Agency of Nigeria (NAN) reports that the
Monetary Policy Committee members, at the last
meeting for the year, voted to hold all policy
variables.
The retention was coming on the back of the recent
National Bureau of Statistics report which confirmed
that the economy slipped into recession as GDP
contracted by 3.62 per cent in the third quarter.
✕
Consequently, the committee decided to hold
Monetary Policy Rate (MPR) at 11.5 per cent;
retained Cash Reserves Ratio at 27.5 per cent; and
liquidity ratio at 30 per cent.
The upturn in the stock market was impacted by
gains recorded in medium and large capitalised
stocks, amongst which are Stanbic IBTC Holdings,
United Bank for Africa, Access Bank, FBN Holdings
and UPDC Real Estate Investment Trust.
A breakdown of the price movement table showed
that UPDC Real Estate Investment led the gainers'
chart in percentage terms, gaining 9.64 per cent to
close at N4.55 per share.
United Capital followed with 9.52 per cent to close
at N4.60, while Fidelity Bank rose by 9.47 per cent
to close at N2.66 per share.
Mutual Benefits Assurance rose by 8.70 per cent to
close at 25k, while Cornerstone Insurance
appreciated by 8.62 per cent to close at 63k per
share.
On the other hand, Eterna led the losers' chart in
percentage terms, dropping 9.98 per cent to close
at N4.15 per share.
Fidson Healthcare followed with 9.81 per cent to
close at N4.87, while Champion Breweries lost 9.43
per cent to close at 96k per share.
Julius Berger dipped 8.95 per cent to close at
N17.30, while Chams shed 8.33 per cent to close
at 22k per share.
However, the total volume of transacted shares
decreased by 35.67 per cent as investors bought
and sold 365.41 million shares valued N4.69
billion, exchanged in 6,325 deals.
This was against 568.04 million shares worth
N7.33 billion traded in 8,928 deals on Monday.
Transactions in the shares of Zenith Bank topped
the activity chart with 71.93 million shares valued at
N1.73 billion.
Transcorp followed with 37.17 million shares worth
N32.85 million, while Guaranty Trust Bank traded
30.003 million shares valued at N1.02 billion.
Access Bank traded 29.55 million shares worth
N243.31 million, while UBA transacted 29.33
million shares worth N236.30 million.
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