The stock market closed the session with a favourable trend, as it gained N14 billion on Wednesday after losing N15 billion on Tuesday.
The All Share Index gained 10.25 basis points, or 0.02 per cent, to settle at 49,171.70 points, as investors earned N14 billion in value as market capitalization increased to N26.531 trillion.
Gains in medium and large-cap stocks, such as BUA Cement, Ardova, Sterling Bank, Chams, and Jaiz Bank, influenced the positive trend.
The stock fell by N241 billion at the end of last week as investors traded on uncertainties surrounding the Central Bank of Nigeria’s Monetary Policy Committee meeting this week.
The CBN on Tuesday after the two-day MPC meeting in Abuja raised its Monetary Policy Rate to 15.5 per cent. The CBN also raised the Cash Reserve Ratio to 32.5 per cent from 27.5 per cent.
The Doyen of the Nigerian capital market, Mr Rasheed Yusuf, stated that the stock market was reacting to a series of developments both locally and internationally.
According to him, “locally, you know our economy is not doing well. If the economy is not doing well then, the stock market has to react.”