- Advertisement -spot_img
28 C
HomeBusinessNigeria's equity market gains 0.03% as naira depreciates to N462/$ after CBN...

Nigeria’s equity market gains 0.03% as naira depreciates to N462/$ after CBN hikes rate

- Advertisement -spot_img

By Ifeyinwa Ezeokoli

Snapping seven consecutive sessions of losses, the domestic stock market on Tuesday posted an N10 billion rebound following investor interest in Lafarge Africa and 11 other stocks.

However, the local currency depreciated by 0.11 percent against the greenback after the Central Bank of Nigeria (CBN) hiked its benchmark interest rate by 50 basis points to 18 percent.

The naira was quoted at N462 to the dollar on the investor and exporter’s window, down from N61.50 to the dollar the previous day.

The decline in the local currency came on the back of the increase in the Monetary Policy Rate (MPR) by the regulatory bank in a bid to curb surging inflation and attract portfolio investors back to the country.

However, the equity market capitalisation of equities listed on the NGX increased to N29.910 trillion from N29.901 trillion as on the previous close.

Also, the All-Share Index (ASI) rose by 18.64 points, representing a gain of 0.03 percent, to close at 54,904.68.

Accordingly, the month-to-date and year-to-date returns were unchanged at -1.6 percent and +7.1 percent, respectively.

Also, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), at its second meeting of the year, voted to raise the MPR further by 50 bps to 18.0 percent.

The committee, however, retained the CRR at 32.5 percent and the liquidity ratio at 30.0 percent.

The upturn was impacted by gains recorded in medium- and large capitalised stocks, amongst which are Lafarge Africa, Zenith Bank, Stanbic IBTC Holdings, Champion Breweries, etc. Nigerian Exchange Group.

READ ALSO: Lagos Gov Sanwo-Olu promises to deliver Red Line rail ahead of May 29

As measured by market breadth, market sentiment was mixed, with 12 gainers and 12 laggards.

Linkage Assurance topped the gainers’ chart in percentage terms by 9.76 percent to close at N45,000 per share.

Wapic Insurance followed with 7.89 percent to close at 41k, while Champion Breweries rose by 4.26 percent to close at N4.90 per share.

Sterling Bank rose by 2.67 percent to close at N1.54, while Jaiz Bank appreciated by 2.30 percent to close at 89k per share.

On the other hand, Ikeja Hotel led the losers’ chart in percentage terms with 9.65 percent to close at N1.03 per share.

Cadbury followed with 5.83 percent to close at N11.30, while University Press went down by 4.76 percent to close at N2 per share.

International Breweries lost 4.30 percent to close at N14.45, while Regency Alliance Insurance shed 3.45 percent to close at 28k per share.

The total volume traded decreased by 89.1 percent to 127.745 million units, valued at N1.59 billion, and exchanged in 2,987 deals.

Transactions in the shares of United Bank for Africa topped the activity chart with 19.60 million shares valued at N157.25 million.

Transcorp followed with 13.804 million shares worth N17.68 million, while Fidelity Bank traded 12.74 million shares valued at N65.67 million.

Zenith Bank traded 11.85 million shares valued at N296.06 million, while Guaranty Trust Holding Company transacted 10.47 million shares worth N258.24 million.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com, Newsroom +234 8033 964 138)

Join Our Mailing List!

* indicates required
- Advertisement -spot_img
- Advertisement -spot_img
Must Read
Related News
- Advertisement -spot_img