NSE - Market Indices Up 0.19 Per Cent As MPC Retains Rates

The domestic equities market closed update on Tuesday with a growth of 0.19 per cent just as the Monetary Policy Committee (MPC) retained all rates in spite of the COVID-19 pandemic.
The News Agency of Nigeria (NAN) reports that MPC at the end of its two-day policy meeting, unanimously voted to leave key monetary policy rates unchanged.

They retained Monetary Policy Rate (MPR) at 13.5 per cent; maintained the asymmetric corridor around the MPR at +200/-500bps; hold Cash Reserves Ratio (CRR) at 27.5 per cent; and keep liquidity ratio at 30.0 per cent. This is in a bid to assess the impact of the recent policy pronouncements made by the Central Bank of Nigeria (CBN) to combat the negative impact of COVID-19 outbreak on the Nigerian economy.

The All Share Index (ASI) increased by 40.18 points or 0.19 per cent to close at 21,741.16. Also, the market capitalisation improved by N21 billion or 0.19 per cent to close at N11.329 trillion compared with N11.308 achieved on Monday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Stanbic IBTC, Chemical and Allied Products, Custodian Investment, Zenith Bank and Skyway Aviation Handling Company. Market breath closed positive with 19 gainers and 10 losers. NPF Micro Finance Bank led the gainers' table in percentage terms, growing by 9.52 per cent to close at N1.15 per share.

Stanbic IBTC Holdings followed with a gain 9.43 per cent to close at N26.10, while Transcorp appreciated by 8.93 per cent to close at 61k per share.

Jaiz Bank grew by 8.89 per cent to close at 49k, while Skyway Aviation Handling Company appreciated by 8.66 per cent to close at N2.51 per share.

Conversely, Caverton led the losers' chart in percentage terms by 10 per cent, to close at N2.25 per share. Conoil followed with a decline of 9.93 per cent to close at N13.15, while NASCON went down by 9.57 per cent to close at N8.50 per share.

Ecobank Transnational Incorporated shed 8.99 per cent to close at N4.05, while Cadbury depreciated by 8.85 per cent to close at N5.15 per share.
However, the total volume traded decreased by 28.9 per cent to 330.10 million shares, worth N3.57 billion, and traded in 4,561 deals.

Guaranty Trust Bank emerged the most activity stock, accounting for 78.89 million shares valued at N1.32 billion. Zenith Bank followed with 77.91 million shares worth N852.87 million, while Access Bank traded 36.03 million shares worth N198.35 million.

FBN Holdings traded 24.71 million shares valued at N96.35 million, while United Bank for Africa transacted 18.81 million shares worth N84.36 million.

In all, a total of 330.10 million shares valued at N3.57 billion were exchanged by investors in 4,561 deals. This was in contrast with a turnover of 464.36 million shares worth N3.87 billion achieved in 5,883 deals on Monday. (NAN)

Source: All Africa News