Transactions on the Nigerian Stock Exchange (NSE) for the second consecutive day on Wednesday sustained an upward rally.
This is in spite the Monetary Policy Rate (MPC) hike with the market indices appreciating by 0.94 per cent.
The the All-Share Index which opened at 27,945.02 grew by 263.60 points or 0.94 per cent to close at 28,208.62 due to gains by some blue chips.
Also, the market capitalisation rose by N90 billion or 0.94 per cent to close at N9.687 trillion, compared with N9.597 trillion achieved on Tuesday.
The market growth was contrary to operators’ expectations that investors would react negatively to hike in the interest rate from 12 per cent to 14 per cent.
Mr Ambrose Omordion, Chief Operating Officer, InvestData Ltd., attributed the rally to investors’ reaction to half year results released by some quoted banks.
A breakdown of the gainers’ table showed that Dangote Cement recorded the highest, appreciating by N5.06 to close at N180.06 per share.
MRS followed with N3.26 to close at N35.19 and Okomu Oil appreciated by N3.22 to close at N34.73 per share.
Unilever Nigeria gained N1.65 to close at N34.65 and CAP increased by N1.50 to close at N37.50 per share.
Conversely, Nigerian Breweries topped the losers’ chart, dropping by N6.54 to close at N140 per share.
Lafarge Africa trailed with N1 to close at N58 and 7UP Bottling also lost N1 to close at N133 per share.
Guinness dropped by 90k to close at N94 and Forte Oil shed 41k to close at N175.50 per share.
Also, the volume of shares traded closed higher with an exchange of 488.89 million shares worth N4.85 billion transacted in 4,713 deals.
This is in contrast with 286.72 million shares valued at N2.34 billion achieved in 4,316 deals on Tuesday.
United Bank for Africa emerged the most traded in volume terms, trading 127.33 million shares worth N584.83 million.
It was trailed by Access Bank having accounted for 111.84 million shares valued at N626.55 million and FBN Holdings exchanged 62.87 million shares worth N223.215 million.
Guaranty Trust Bank sold 42.43 million shares valued at N992.64 million and Sterling Bank traded 19.51 million shares worth N24.38 million