The domestic equities market, yesterday, extended losses from the previous session by N773 billion, as investors reacted to the outcome of the Monetary Policy Committee (MPC) meeting.
The Nigeria’s apex bank has increased the country’s nominal risk-free rate by 400 basis points. The Monetary Policy Committee after its two-day meeting decided to increase the Monetary Policy Rate (MPR) to 22.75 per cent from 18.75 per cent.
The All-Share Index declined by 1,412.64 per cent, representing a loss of 1.39 per cent, to close at 100,582.89 points. Similarly, the overall market capitalisation value shed N773 billion to close at N55.038 trillion.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; MTN Nigeria Communications (MTNN), NASCON Allied Industries, FBN Holdings (FBNH), Nigerian Aviation Handling Company (NAHCO) and Multiverse Mining and Exploration.
As measured by market breadth, market sentiment was negative, as 27 stocks lost relative to 10 gainers. Omatek Venture and Africa Prudential recorded the highest price gain of 9.86 per cent each to close at 78 kobo and N7.80 respectively, while Juli followed with a gain of 9.73 per cent to close at N2.82, per share.
Tantalizers appreciated by 8.11 per cent to close at 40 kobo, while Ellah Lakes rose by 8.07 per cent to close at N3.08, per share. On the other hand, FBN Holdings (FBNH) and Multiverse Mining and Exploration led the losers’ chart by 10 per cent each to close at N30.60 and N15.30 respectively, while MTNN followed with a decline of 9.94 per cent to close at N222.90, per share.
McNichols down by 9.79 per cent to close at N1.29, while Consolidated Hallmark Holdings declined by 9.63 per cent to close at N1.22, per share.
The total volume traded declined by 4.71 per cent to 280.464 million units, valued at N6.120 billion, and exchanged in 9,141 deals. Transactions in the shares of Transnational Corporation (Transcorp) topped the activity chart with 44.412 million shares valued at N583.518 million. Access Holdings followed with 30.560 million shares worth N600.549 million, while United Bank for Africa (UBA) traded 26.514 million shares valued at N611.196 million.
Zenith Bank traded 24.957 million shares valued at N874.628 million, while NASON Allied Industries transacted 13.803 million shares worth N893.678 million.
