Equities Market Extends Bullish Outlook, Gains N372bn To Cross N13trn Mark

The Nigerian equities market extended positive stance at the close of trading yesterday with a gain of N372 billion, driven by the bullish run in the shares of MTN Nigeria and Dangote Cement. Eyes Of Lagos gathered that, The All Share Index (ASI) gained 844.74 absolute points, representing a growth of 2.88 per cent to close at 30,218.14 points. Similarly, market capitalisation grew by N372 billion,  to close at N13.310 trillion. The upturn was significantly impacted by value appreciation recorded in some medium and large capitalised stocks, MTN Nigeria, Dangote Cement, Forte Oil, Guaranty Trust Bank and Africa Prudential. Also, at the end of its 267th meeting, yesterday, the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) voted to maintain status quo, following the rate cut at its previous meeting. It  retained the Monetary Policy Rate (MPR) at 13.5 percent, Asymmetric corridor around the MPR at +200/-500bps, Cash Reserves Ratio (CRR) at 22.5 per cent and Liquidity Ration (LR) at 30.0 per cent. Analysts at Afrinvest Limited  expected the market to sustain its bullish run largely due to the strong investors’ interest in the highly attractive MTNN stock. However, market breadth remain in the negative region with 16 gainers against 20 decliners. MTN Nigeria recorded the highest price gain of 9.98 per cent, to close at N131.70 per share. Africa Prudential followed with a gain of 9.44 per cent to close at N3.94, while. Thomas Wyatt Nigeria appreciated by 8.82 per cent to close at 37 kobo, per share. Forte Oil rose by 8.81 per cent to close at N27.80, while Courteville Business Solutions appreciated by 8.70 per cent  to close at 25 kobo, per share. On the other hand, Livestock Feeds led the losers’ chart by 10 per cent, to close at 63 kobo, per share. Juli Pharmacy followed  with a decline of 9.58 per cent to close at N1.51, while Afromedia depreciated by 8.89 per cent, to close at 41 kobo, per share. Custodian Investment went down by 7.69 per cent to close at N6, while Cutix declined by 6.78 per cent to close at N1.65,  per share.

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