Equity market gains 1.14% after six weeks of bearish run

Anticipation of positive development from Central Bank of Nigeria’s Monetary Policy Committee has triggered a moderate recovery at the Nigerian equity market after a bearish period that lasted for six trading sessions.

National Daily gathered that the NSE-ASI gained 315.12 absolute points or 1.14 per cent to close at 27,945.02 points, while market capitalization gained N108.23 billion to close at N9.60 trillion.

Market breadth closed positive with 24 gainers and 147 losers. Oando continues rally for the second day in a roll to lead the gainers table by 10.12 per cent to close at N6.20 per share.

ETI followed with a gain of 8.39 per cent to close at N13.43, while Access Bank advanced by 7.55 per cent to close at N5.70 per share.

While Dangote Flour went up by 6.80 per cent to close at N4.40 and Livestock rose by 5.43 per cent to close at 97 kobo per share.

On the other hand, Airservice led the laggards’ table by 5.56 per cent to close at N1.70 per share. Seplat trailed with a loss of 5 per cent to close at N297.83, while Seven Up declined by 4.59 per cent to close at N134 per share.

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Also, NEM Insurance declined by 4 per cent to close at 96 kobo, while Sterling Bank shed by 3.10 per cent to close at N1.25 per share.

Meanwhile, the total volume traded rose marginally by 3.2 per cent to 286.7 million shares, valued at N2.3 billion, and traded in 4,316 deals.

At the conclusion of the MPC July’s meeting yesterday, the policy makers decided to increase the MPR by 200 per cent to 14 per cent, retained CRR at 22.5 per cent and maintained liquidity ratio at 30 per cent.