The stock market on Tuesday recorded a positive trend after a day of bearish notes, as key performance indicators soared by 0.03 per cent.
Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation increased by N20 billion, or 0.03 per cent, to N68.965 trillion from N68.945 trillion recorded on Monday.
The All-Share Index also grew by 0.03 per cent, or 32.64 points, to close at 109,730.47, up from 109,697.83 posted on Monday.
The uptrend was driven by cautious trading following the outcome of the 300th meeting of the Monetary Policy Committee (MPC), which held on Monday and Tuesday.
Meanwhile, the market breadth closed negative, with 32 losers and 31 gainers.
On the losers’ chart, Berger dropped by 9.98 per cent, closing at N21.20, while Mutual Benefits Assurance shed 9.80 per cent, settling at 92 kobo per share.
ABC fell by 9.77 per cent, ending the session at N2.40, and Aradel Holdings Plc declined by 8.55 per cent, closing at N460 per share.
Additionally, Caverton Offshore Support Group lost 7.09 per cent, finishing at N3.80 per share.
On the gainers’ chart, Nestlé grew by 10 per cent, settling at N1,464.10, while Regalins also rose by 10 per cent, closing at 66 kobo per share.
Tripple G increased by 10 per cent, finishing at N2.20, and Tantalizer soared by 9.88 per cent, settling at N2.78 per share.
Similarly, Multiverse Mining gained 9.60 per cent, closing at N9.70 per share.A total of 497.06 million shares worth N13.213 billion were exchanged across 18,795 transactions.
This compares to 486.09 million shares worth N11.38 billion that were traded across 24,883 deals earlier on Monday.
Transactions in the shares of Fidelity Bank topped the activity chart with 60.18 million shares worth N1.120 billion.
United Bank for Africa followed with 36.39 million shares valued at N1.26 billion, while Custodian Insurance sold 35.64 million shares worth N698.80 million.
Tantalizer traded 27.59 million shares valued at N76.43 million, and United Capital transacted 26.74 million shares worth N496.39 million.
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria retained the Monetary Policy Rate (MPR) at 27.50 per cent with the asymmetric corridor around the MPR at +500bps/-100bps.
It also retained and the Cash Reserve Ratio (CRR) for deposit money banks at 50 per cent, while the CRR for merchant banks at 16 per cent; and the liquidity ratio at 30 per cent.
Reacting to the resolution, Mr David Adonri, Vice Chairman of the Board at Highcap Securities Ltd., said the resolution would not change any monetary parameter as it aligned with the expectations of many analysts.
“On the two sides of the coin, there are cases of negative things that will affect the economy and positives as well. Both appeared to have nullified themselves.
“The positive indicators remain the financial status of the Federal Government which has improved considerably, looking at the massive foreign reserves and stability in the foreign exchange market.
“Also on a positive note, the first-quarter Gross Domestic Product (GDP) may also show an improvement and the increasing crude oil production.
“On the flip side, we have threats to the economy through insecurity that is affecting rural production and the intention of the U.S. Congress to impose a levy on diaspora remittance,” he said.