Stock Market Maintains Positive Trend, Up N145bn

For the third consecutive session, the stock market of the Nigerian Exchange Limited (NGX) yesterday maintained its bull run, as the market capitalisation gained N145bn.

Meanwhile, at the end of yesterday’s Monetary Policy Committee (MPC) meeting, members voted to increase MPR by 100basis points to 16.50 per cent.

This is a 500 basis points increase so far in 2022 in four meetings and stands at a historic high. Also, it retained the asymmetric corridor at +100bps / -700basis points around the MPR; Cash Reserve Requirement (CRR) at 32.50 per cent; and the Liquidity Ratio (LR) at 30 per cent.

The All Share Index (ASI) rose by 266.37 basis points or 0.60 per cent to close at 44,929.33 basis points. Accordingly, investors gained N145 billion in value as market capitalisation went up to N24.471 trillion.

The market breadth closed positive as 27 stocks posted gains while seven stocks posted declines. UPDC Real Estate Investment Trust (UPDCREIT) recorded the highest price gain of 10 per cent to close at N2.75, per share. International Breweries followed with a gain 9.41 per cent to close at N4.65, while Sovereign Trust Insurance went up by 8.33 per cent to close at 26 kobo, per share.

Fidson Healthcare went up by 6.99 per cent to close at N8.72, while UACN appreciated by 6.74 per cent to close at N9.50, per share. On the other hand, R.T. Briscoe Nigeria led the losers’ chart by 10 per cent to close at 27 kobo, per share. Presco followed with a decline of 7.17 per cent to close at N110.00, while Chams went down by 4.17 to close at 23 kobo, per share. SUNU Assurance lost 3.45 per cent to close at 28 kobo, while Consolidated Hallmark Insurance shed 3.28 per cent to close at 59 kobo, per share.

The total volume traded declined by 20.7 per cent to 126.564 million units, valued at N3.852 billion, and exchanged in 3,383 deals. Transactions in the shares of Zenith Bank topped the activity chart with 13.550 million shares valued at N298.637 million. Fidelity Bank followed with 12.163 million shares worth N49.50 million, while MTNN traded 12.003 million shares valued at N2.401 billion.

AIICO Insurance traded 10.960 million shares valued at N5.849 million, while Transnational Corporation of Nigeria (Transcorp) transacted 10.228 million shares worth N11.530 million.