- Advertisement -spot_img
28.2 C
HomeBusinessNigeria's stock market dips by N24 bln on back of CBN 100...

Nigeria’s stock market dips by N24 bln on back of CBN 100 bps rate hike

- Advertisement -spot_img

By Ifeyinwa Ezeokoli

The Nigerian stock market on Tuesday reversed the previous day’s gains, closing N24 billion lower as investors sold off Geregu Power and 13 other equities in reaction to the 100 basis points rate hike by the regulatory bank.

Global Financial Digest reports earlier in the day that the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) voted to increase the Monetary Policy Rate (MPR) further by 100bps to 17.5 percent at its first meeting of 2023, representing the fifth consecutive rate hike since the CBN commenced its monetary policy tightening cycle in May 2022.

Accordingly, the All-Share Index (ASI) decreased by 45.14 points, representing a decline of 0.09 percent to close at 52,612.55.

Similarly, the overall market capitalisation size lost N24 billion to close at N28.657 trillion.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Geregu Power, Nigerian Breweries, Nigerian Exchange Group (NGXGroup), Champion Breweries and Industrial and Medical Gas Nigeria (IMG).

As measured by market breadth, market sentiment was positive, as 20 stocks gained relative to 14 losers.

READ ALSO: Bank of Ghana plans rate hike by 175bps later in January

Mutual Benefits Assurance drove the gainers’ chart in percentage terms with 10 percent to close at 33k per share.

Unilever Nigeria followed with 9.91 percent to close at N12.20, while C&I Leasing rose by 9.84 percent to close at N3.46 per share.

Associated Bus Company rose by 9.68 percent to close at 34k, while International Energy Insurance appreciated by 8.16 percent to close at 53k per share.

On the other hand, Nigerian Breweries led the losers’ chart in percentage terms by 9.90 percent to close at N41.85 per share.

Caverton Offshore Support Group trailed with 9.52 percent to close at 95k, while Champion Breweries lost eight percent to close at N4.60 per share.

Wapic Insurance lost 6.67 percent to close at 42k, while NGX Group shed 5.93 percent to close at N25.40 per share.

The total volume traded increased by 26.9 percent to 182.39 million units valued at N4.82 billion exchanged in 3,470 deals.

Transactions in the shares of FBN Holdings topped the activity chart with 19.66 million shares valued at N229.72 million.

Chams followed with 11.22 million shares worth N3.11 million, while Guaranty Trust Holding Company traded 10.99 million shares valued at N264.99 million.

Transcorp traded 10.57 million shares valued at N12.81 million, while Sterling Bank transacted 10.20 million shares worth N15.93 million.

Join Our Mailing List!

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