The Nigerian Exchange’s stocks section fell on Tuesday as market players reacted to another 100 basis point increase in the monetary policy rate to 17.50%. The Central Bank of Nigeria maintains a hawkish stance in order to combat inflationary pressures.
According to stockbrokers and equities experts, the profit-taking trends seen indicate a favorable reallocation toward the fixed income market, with an anticipation that yields will climb.
According to market statistics, the NGX All-Share Index fell 45.14 basis points to 52,612.55 points. As a result, the year-to-date gain has cooled to 2.66%, despite the fact that the exchange has more gainers (20) than losers (14).
The overall volume and value, in particular, climbed by 26.90% and 171.53%, respectively, to 182.40 million units and N4.82 billion.
GEREGU was the most traded stock in terms of volume and value, changing hands in 56 transactions for 23.84 million units and N3.20 billion. The market index fell by 0.09% as the share prices of companies such as NB, CHAMPION, GEREGU, and GTCO fell.
NB Plc plummeted 9.90%, CHAMPION sank 8.00%, GEREGU fell 4.04%, and GTCO decreased 0.41%, respectively. DANGCEM increased by 0.7%, while CUTIX increased by 6.2%, while UBA value increased by 2.5% and WEMA increased by 1.0%.
The monitored sub-sector indexes performed mixed, with the NGX Banking and NGX Insurance indices gaining by 0.32% and 0.36%, respectively. Meanwhile, the NGX Consumer Goods and NGX Industrial indexes fell by 0.13% and 0.36%, respectively, while the NGX Oil & Gas index remained stable.
Investor mood, as assessed by market breadth, increased to 0.09x from 0.06x the previous trading session, with 21 stocks rising, 14 falling, and 77 closing flat.
Overall, the new bear trend in the NGX equities section reduced market capitalization by 24.6 billion to 28.6 trillion.
