Midweek trading in Nigerian stocks ended bullish as investors gained over N13 billion on market capitalisation, reversing the previous day’s negative results.
This is coming barely 24 hours after the Central Bank’s Monetary Policy Committee hiked benchmark interest rate by 150-basis-point and increased the cash reserve ratio by 5 percent to rein-in inflation.
The All-Share Index of listed equities inched up by 0.02 percent, representing a 10.25 absolute points to close at 49,171.70 on Wednesday higher than the 49,161.45 of the previous day.
Consequently, additional N13 billion gain was made on market capitalisation, reversing Tuesday’s bearish trend of N26,517 trillion to close at N26,531 trillion.
Investors witnessed a total volume of 101.56 million units of shares exchange hands in 3,981 deals.
The market sentiment when measured by market breadth remained negative for the third consecutive day with 7 gainers and 20 losers.
CHAMS led the gainers table for the second day with a 8 percent gain on its share price to close at N0.27k after gaining N0.02k followed by the ARDOVA with 7.42 percent gain on its share price to close at N13.75k. Then Sovereign Trust Insurance had a 3.57 percent price gain to close at N0.01k.
On the losers table, JAPAUL GOLD led with an 10 percent loss on its share price to close at N0.27k followed by Royal Exchange Insurance Plc which had 9.80 percent to close at N0.92k and CHIPLC lost 8.62 percent to close at N0.53k.
Hauwa Abu
