Investors price appreciation in large and medium capitalised stocks spike N259bn gains as MPC retains interest rate at 11.5%


Lagos, Jan. 26, 2021 The Nigerian Stock Exchange on Tuesday extended growth by N259 billion following interest in Airtel Africa, just as the Monetary Policy Committee (MPC) retained the Monetary Policy Rate (MPR) at 11.5 per cent.

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Specifically, the market capitalisation which opened at N21.494 trillion rose by N259 billion to close at N21.753 trillion.

The MPC, at the 277th edition of its meeting which ended on Tuesday, had unanimously voted to retain the MPR and other key parameters at their prevailing rates.

The MPR is the interest rate at which the Central Bank of Nigeria lends to commercial banks.

Apart from retaining MPR at 11.5 per cent, the MPC retained the asymmetric corridor around the MPR at +100/-700bps, Cash Reserves Ratio at 27.5 per cent, while liquidity ratio was also retained at 30.0 per cent.

The market gain at the nation’s bourse was driven by price appreciation in large and medium capitalised stocks, amongst which are Airtel Africa, Flour Mills, Lafarge Africa, MTN Nigeria Communications and Fidson Healthcare.

Market breadth was positive with 32 gainers, relative to 19 losers.

R.T.Briscoe led the gainers’ chart in percentage terms with 10 per cent to close at 22k per share.

Champion Breweries followed with 9.81 per cent to close at N2.35, while Universal Insurance rose by 9.52 per cent to close at 23k per share.

African Alliance Insurance garnered 9.09 per cent to close at 24k, while Fidson Healthcare appreciated by 8.60 per cent to close at N5.05 per share.

Conversely, John Holt dominated the losers’ chart in percentage terms, losing 10 per cent to close at 45k per share.

Japaul Gold and Ventures trailed with 9.30 per cent to close at 78k, while Seplat lost 9.26 per cent to close at N490 per share.

Academy Press dipped 9.09 per cent to close at 40k, while Niger Insurance shed 7.41 per cent to close at 25k per share.

Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 45.931 million shares valued at N50.597 million.

AXA Mansard Insurance followed with 34.73 million shares worth N48.64 million, while Japaul Gold and Ventures traded 29.44 million shares valued at N23.04 million.

Soverign Trust Insurance traded 26.44 million shares valued at N7.30 million, while Lasaco Assurance transacted 25.78 million shares worth N10.70 million.

In all, the total volume of trades increased by 40.43 per cent to 467.89 million units valued at N5.57 billion exchanged in 5,990 deals.

This was in contrast with 333.09 million shares worth N2.64 billion achieved in 5,640 deals on Monday.

Godwin Okafor, The Naija247news
Godwin Okafor, The Naija247news
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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