Nigeria Stocks Down 0.02% as MPC Further Tighten Interest Rate by 100bps

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On Tuesday, the Nigeria stock market halted the two sessions’ upsurge by a marginal decline of 0.02 percent as the Monetary Policy Committee (MPC) further tightened the interest rate for the second consecutive time in 2022, to 14% from 13%. The decline was driven by investors’ sell-off in MTNN and 15 other stocks. As such, the All-Share Index dipped by 11.06 points, representing a 0.02 percent decrease, and closed at 52,3308.88. While the Market Capitalization lost ₦5.97Bn to decrease by 0.02 percent and closed at ₦28.21 trillion.

→ Meanwhile, the market activities were mixed, as the Total Volume rose significantly by 76.85 percent while the Total Value plummeted by 19.57 percent. About 205.64 million units valued at ₦2.79 billion were transacted in 4,127 Deals. UBA emerged as the most traded stock in terms of volume, accounting for 36.12 percent of the total volume of trades, followed closely by ACCESSCORP (7.83%), AIICO (6.86%), FBNH (6.23%), and GTCO (4.32%) to complete the top five on the volume chart. While MTNN emerged as the most traded stock in value terms, with 31.44 percent of the total value of trades on the exchange.

→ RTBRISCOE topped the advancers’ list with a price appreciation of 10.00 percent, trailed closely by OANDO (5.01%), NGXGROUP (4.04%), WAPCO (2.51%), FBNH (1.82%), UBA (0.67%), DANGSUGAR (0.63%), GTCO (0.47%) and eight (8) others. On the other hand, sixteen (16) stocks also depreciated, topped by MULTIVERSE with a price depreciation of 9.50 percent, to close at ₦1.62, as UNILEVER (-3.23%), NEM (-2.02%), CHIPLC (-1.41%), ACCESSCORP (-1.08%), MTNN (-0.43%) and UCAP (-0.39%) also dipped in price. In that regard, the market breadth closed at par, recording 16 gainers and 16 losers.

→ In the meantime, sectoral performance was bullish as three of the five sectors closed positively compared to the previous session, led by Insurance (0.86%), Oil & Gas (0.79%), and Industrial Goods (0.19%). While Banking and Consumer Goods sectors plunged by 0.41% and 0.13%, respectively.