Nigerian stocks rally despite chances of upward rate adjustment

Nigerian stocks rebounded on Monday at a rate of 0.89% after a largely bearish week as investors took a risk-based approach despite the possibility that the meeting of the central bank’s monetary policy committee, which will come to an end. On Tuesday, benchmark interest will be raised in a bid to stop Nigeria’s runaway inflation, which hit 17.33 percent in February.

A restrictive position often discourages lending and equity investments. On the contrary, taking an expansionary position, which lowers rates, fuels credit and stock market activity.

Stanbic IBTC and BUA Cement boosted performance as a 2.12% rise in the industrial goods index also supported gains

The scale of the market was positive, bringing out 25 winners versus 9 losers.

The all-equity index closed at 38,722.87 points while the market capitalization reached 20,260 billion naira.

Year-to-date, the index is down 3.84 percent.

THE FIVE BEST GAINERS

Stanbic IBTC led the winners, rising 10% to close at N44. Julius Berger added 10 percent to end the trade at N18.70. UACN rose 6.67 percent to N8. John Holt rose to 0.49 N, gaining 6.52% in the process. International Breweries completed the top 5, climbing 5.88% to N5.40.

TOP FIVE LOSERS

Champion Breweries topped the losing chart, declining 8.20% to close at 2.24 N. Jaiz Bank lost 4.48 percent to close trade at 0.64 N.

Japaul fell to 0.47 N, losing 4.08 percent. UBA fell to 6.90 N, recording a depreciation of 3.50%. Hallmark consolidated insurance closed at N 0.30, down 3.23%.

THE FIVE BEST PROFESSIONS

A total of 277.236 million shares valued at 3.053 billion naira were traded in 4,299 trades, 5 percent lower than the volume reported in the previous session.

Union Bank was the most active stock with 79.895 million of its shares worth 423.435 million naira traded in 49 transactions. 36.129 million GTB share units at a price of 1.124 billion naira were traded in 551 transactions. FBN Holdings had 33.297 million shares valued at N242.464 million traded in 204 transactions.

Zenith traded 25.003 million shares estimated at N562.472 million in 500 transactions. Transcorp traded 24.057 million shares valued at N19.469 million in 140 transactions.



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