Nigerian stocks maintained an upward trajectory on Tuesday with growth of 0.60% on a day when the Central Bank of Nigeria (CBN) announced a further 100 basis point rate hike to 16.5%.
On Monday, the central bank began its last Monetary Policy Committee (MPC) meeting for 2022, with the market awaiting the outcome of yesterday’s deliberations.
Around the time the Nigerian Exchange (NGX) Limited was closing for the day, CBN Governor Mr. Godwin Emefiele told reporters in Abuja that a majority of the committee members voted to raise the policy rate. (MPR) by one percent. keep rising inflation under control.
trade publication It noted that buying pressure in the stock market sectors strengthened the market during the session, with the banking counters, consumer goods, industrial goods, energy and insurance improving by 1.10 percent, 0.86 percent. percent, 0.33 percent, 0.19 percent, and 0.18 percent, respectively.
As a result, the All-Share Index (ASI) rose 266.37 points to 44,929.33 points from 44,662.96 points, while the market capitalization grew by N145 billion to N24.472 trillion from N24.327 trillion.
Market breadth remained positive yesterday with 27 gains and 7 declines, indicating strong investor sentiment sparked by renewed interest in the stock market.
UPDC REIT gained 10.00% during the session to settle at N2.75, International Breweries rose 9.41% to N4.65, Sovereign Trust Insurance improved 8.33% to 26 Kobo, Fidson inflated 6.99 % to N8.72, and UAC Nigeria increased by 6.74 per cent to N9.50.
However, RT Briscoe lost 10.00 per cent to finish at 27 Kobo, Presco fell 7.17 per cent to trade at N110.00, Chams deflated 4.17 per cent to 23 Kobo, Sunu Assurances down down 3.45 percent to 28 Kobo and Consolidated Hallmark Insurance dropped 3.28 percent to 59 Kobo.
Zenith Bank emerged as the most active stock during the session after trading 13.6 million units, followed by Fidelity Bank with 12.2 million units. MTN Nigeria sold 12.0 million shares, AIICO Insurance traded 11.0 million shares and Transcorp traded 10.2 million shares.
Investors cumulatively bought and sold 126.6 million shares worth N3.9 billion in 3,383 deals on Monday, in contrast to 151.2 million shares worth N1.9 billion traded in 3,530 deals on Monday, which indicates an improvement in the value of transactions of 103.29 percent. percent, a decrease in the volume of transactions by 16.29 percent and a shortage in the number of transactions by 4.16 percent.