Equities Market Sustains Positive Trend, Up 1.2%

The Nigerian stock market on Tuesday rallied by N260 billion, following investors’ positive sentiment on Airtel Africa and 31 others.

Also, the Monetary Policy Committee (MPC) at the end of the 277th edition of their meeting, unanimously voted to retain the MPR and other key parameters at their cur­rent rates; hold Monetary Policy Rate (MPR) at 11.5 per cent, maintained the asymmetric corridor around the MPR at +100/-700bps, re­tained Cash Reserves Ratio (CRR) at 27.5 per cent and Re­tained liquidity ratio at 30.0 per cent.

The All-Share Index ex­panded by 495.98 basis points, representing an increase of 1.21 per cent to close at 41,584.94 points. Also, the overall market capitalisation value gained N260 billion to close at N21.754 trillion.

The market gain was driv­en by price appreciation in large and medium capitalised stocks amongst which are; Airtel Africa, Flour Mills of Nigeria, Lafarge Africa, MTN Nigeria Communications and Fidson Healthcare.

Market sentiment, as mea­sured by market breadth, was positive, as 32 stocks gained, relative to 19 losers. R.T Briscoe Nigeria record­ed the highest price gain of 10 per cent to close at 22 kobo per share. Champion Brew­eries followed with a gain of 9.81 per cent to close at N2.35, while Universal Insurance rose by 9.52 per cent to close at 23 kobo per share.