Nigeria’s equities market rebounds as investors buy banking counters

Nigeria’s stock market closed Tuesday’s trading session in green as investors raised bet on notable banking counters.

Stanbic IBTC led the gainers table after its share price moved from N39.55 to N42.35, up by N2.8 or 7.08percent ; followed by UBA which moved from N7.7 to N8.2, adding 50kobo or 6.49percent, and Access Bank that rallied from N7.9 to N8.35, up by 45kobo or 5.70percent.

The Nigerian Stock Exchange ( NSE) All-share Index appreciated by +0.65 percent from 34.121.78 points to 34,340.56 points while the value of listed stocks increased by about N113billion from N17.830trillion to N17.943trillion.

The Monetary Policy

Committee ( MPC) of the Central Bank of Nigeria of Nigeria (CBN) on Tuesday concluded its two-day policy meeting which is the last for the year 2020.

The committee resolved to hold all policy variables at current levels with the intention to give more room for the previous rate cut to run its full course on the economy.

The policy decisions reached are as follows: The benchmark interest rate ( MPR) was held at 1 1 . 5 0 p e rcent ; the asymmetr i c corridor remained at to + 100/- 700 basis points ( bps) around the MPR; the cash reserve ratio held at 27.50percent; and the Liquidity Ratio retained at 30percent.

The stock market’s positive return year- to- date ( YTD) stood higher on Tuesday at +27.94 percent. In 6,325 deals, investors exchanged 365,413,814 units valued at N4.691billion.