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Business Finance Info & Updates

Market sustains bullish trend as index garners N260b

The equity market sustained positive sentiments at the end of yesterday’s transactions on the Nigerian Stock Exchange (NSE), causing market capitalisation to rise further by N260 billion.

The MPC at the end of its 277th meeting, unanimously voted to retain the Monetary Policy Rate (MPR) at 11.5 per cent, maintained the asymmetric corridor around the MPR at +100/-700bps, retained Cash Reserves Ratio (CRR) at 27.5 per cent and retained liquidity ratio at 30.0 per cent.

Consequently, the All-Share Index (ASI) appreciated by 495.98 absolute points, or 1.21 per cent increase to close at 41,584.94 points. Also, the overall market capitalisation gained N260 billion to close at N21.754 trillion.

The uptrend was driven by price appreciation in large and medium capital stocks, including Airtel Africa, Flour Mills of Nigeria, Lafarge Africa, MTN Nigeria Communications, and Fidson Healthcare.
Analysts at Vetiva Dealing & Brokerage said: “The domestic market again benefited from the gains posted by major large cap stocks such as AIRTELAFRI and MTNN while reducing the effect of losses in the Oil & Gas, and Banking sectors.

“With the latest decision of the Monetary policy Committee to retain all policy parameters in the first meeting for the year, we expect the equity market to continue to be positively patronized in the short term, as investors’ continue to channel funds to attractive counters while seeking alpha returns,” they said.
The sentiment, as measured by market breadth was positive, as 32 stocks gained, relative to 19 losers.

Read Also:  NSE Daily Market Summary September 1, 2020

R.T.Briscoe Nigeria recorded the highest price gain of 10 per cent to close at 22 kobo, per share. Champion Breweries followed with 9.81 per cent to close at N2.35, while Universal Insurance rose 9.52 per cent to close at 23 kobo, per share.

African Alliance Insurance advanced 9.09 per cent to close at 24 kobo, and Fidson Healthcare appreciated by 8.60 per cent to close at N5.05, per share.


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