Equities Market Sheds N24.59bn Amid Interest Rate Hike
NGX
Samuel Mobolaji
The equities market of the Nigerian Exchange Limited (NGX) on Tuesday relapsed from the previous session gains, as the market capitalization shed N24.59 billion amid hike in the benchmark lending rate to 17.5 per cent by the Central Bank of Nigeria (CBN).
The Monetary Policy Committee (MPC) of the CBN yesterday raised the monetary policy rate by 100 basis points to 17.5 per cent, while yesterday’s trading activities ended with bearish sentiment driven the domestic bourse as the NGX All-Share Index (ASI) closed 0.09 per cent lowers to settle at 52,612.55 points.
Analysis of the trading session, shows gains in DANGCEM (+0.72%), ACCESSCORP (+1.12%) and UBA (+2.47%) were eroded by losses in ZENITHBANK (-0.41%), GTCO (-0.41%) and NB (-9.90%).
Consequently, the year-to-date (YTD) return fell to 2.66 per cent, while the market capitalization shed N24.59billion to close at N28.66trillion.
The market turnover settled higher relative to the previous session, with the value of transactions up by 171.53 per cent.
A total of 182.40million shares valued at N4.82billion were exchanged in 3,470 deals. GEREGU (-4.04%) led the volume and value charts with 23.84m units traded in deals worth N3.20billion.
Market breadth closed positive at a 1.36-to-1 ratio with advancing issues outnumbering declining ones. MBENEFIT (+10.00%) topped fourteen (14) others on the gainer’s table, while NB (-9.90%) led ten (10) others on the laggard’s log.
About The Author
