NSE Index Gains 1.14% As Bear Loosens Reins

Transactions on the floor of the Nigerian Stock Exchange, NSE, on Tuesday,July 26, ended a six day downward trend as stocks rallied.

This development came as the Central BanK of Nigeria, CBN’s Monetary Policy Committee made the decision to raise Monetary Policy Rate, MPR by 200 basis points to 14 percent, retain the cash reserve ratio (CRR) at 22.50 percent, retain the Liquidity Ratio (LR) at 30 percent and retain Assymmetric window at 200 and -500 basis points around the MPR.

Specifically, theAll Share Index leaped by 1.14 percent to close at 27,945.02 basis points in contrast to a decline of 0.11 percent recorded after Monday’s session to close at 27,629.90 points.

The day’s success improved Year-to-Date (YTD) returns, as it closed at -2.43 percent compared to -3.53 percent recorded previously.

Also, Market capitalisation gained N108 billion to close at N9.597 trillion compared to a loss of N10.1 billion recorded previously to close at N9.489 trillion.

Oando Plc topped the day’s 24 gainers for the second consecutive day as it added 10.12 percent or 57 kobo to close at N6.20 per share, Eco Transnational Incorporated added 8.39 percent or N1.04 to close at N13.43 per share, Access Bank Plc appreciated by 7.55 percent or 40 kobo to close N5.70 per share, Dangote Sugar Plc improved by 6.80 percent or 28 kobo to close at N4.40 per share, and Livestock Feeds Plc gathered 5.43 percent or 5 kobo to close at 97 kobo per share.

On the other hand, the day’s 14 losers were led by Airservice Plc which lost 5.56 percent or 10 kobo to close at N1.70 per share, SEPLAT followed with a loss of 5 percent or N15.67 to close at N297.83 per share, 7up Plc dropped 4.59 percent or N6.45 to close at N134 per share, N.E.M lost 4 percent or 4 kobo to close at 96 kobo per share and Sterling Bank Plc depreciated by 3.10 percent or 4 kobo to close at N1.25 per share.

UBA Plc recorded the highest volume of trade, exchanging 76.9 million shares worth N349.9 million, Access Bank came second with the sale of 42.7 million shares valued at N231.0 million, while Zenith Bank followed with an exchange of 28.2 million shares valued at N457.2 million.

At the end of trading, investors had exchanged a total of 286.72 million shares worth N2.3 billion on 4,316 deals compared to 378.5 million shares valued at N2.3 billion exchanged in 3,519 deals on Monday.