Nigerian stocks rebounded on Monday with a 0.89 per cent after a largely bearish week as investors adopted a risk-on approach despite the possibility that the central bank’s monetary policy committee meeting, which will be completed Tuesday, will raise the benchmark interest in a bid to arrest Nigeria’s runaway inflation which touched 17.33 per cent in February.
A contractionary stance often discourages lending and equity investment. On the contrary, taking an expansionary stance, which lowers the rate, fuels lending and activity in the stock market.
Stanbic IBTC and BUA Cement drove performance as a 2.12 per cent rise in the industrial goods index also buoyed gains
Market breadth was positive, making 25 gainers to emerge relative to 9 losers.
The all-share index closed at 38,722.87 points while market capitalisation lifted to N20.260 trillion.
Year to date, the index is down by 3.84 per cent.
TOP FIVE GAINERS
Stanbic IBTC led gainers, appreciating by 10 per cent to close at N44. Julius Berger added 10 per cent to end trade at N18.70. UACN advanced by 6.67 per cent to N8. John Holt rose to N0.49, notching up 6.52 per cent in the process. International Breweries completed the top 5, climbing up by 5.88 per cent to N5.40.
TOP FIVE LOSERS
Champion Breweries topped the losers’ chart, declining by 8.20 per cent to close at N2.24. Jaiz Bank shed 4.48 per cent to end trade at N0.64.
Japaul fell to N0.47, losing 4.08 per cent. UBA slumped to N6.90, recording 3.50 per cent depreciation. Consolidated Hallmark Insurance closed at N0.30, going down by 3.23 per cent.
TOP FIVE TRADES
In all, 277.236 million shares valued at N3.053 billion were traded in 4,299 deals, 5 per cent weaker than the volume reported the session before.
Union Bank was the most active stock with 79.895 million of its stocks worth N423.435 million traded in 49 deals. 36.129 million units of GTB’s shares priced at N1.124 billion exchanged hands in 551 transactions. FBN Holdings had 33.297 million shares valued at N242.464 million traded in 204 deals.
Zenith traded 25.003 million shares estimated at N562.472 million in 500 transactions. Transcorp traded 24.057 million shares valued at N19.469 million in 140 deals.
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