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Saturday, October 24, 2020
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After CBN Rate Cut, NSE Sees Gains in Market Capitalisation

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The Nigerian Stock Exchange (NSE) witnesssed a slight uptick in transaction volume on Tuesday. The NSE’s market capitalisation rose by N42 billion or 0.31 per cent to close at N13.407 trillion against N13.365 trillion achieved on Monday.

The All-Share Index which opened at 25,574.35 rose by 80.55 points to close at 25,654.90 following gains posted by MTN Nigeria and eight other equities.

The month-to-date gain increased to 1.3 per cent while the year-to-date loss was 4.4 per cent.

Mr. Ambrose Omordion, the Chief Operating Officer of InvestData, attributed the rebound to the outcome of the CBN’s Monetary Policy Committee (MPC) meeting where Central Bank Governor announced a rate cut.

Omordion who commended the interest rate said that there would be a flow of funds from money market to the stock market as investors seek higher returns.

Several large and medium capitalised stocks, including MTNN, Red Star Express, FBN Holdings, Dangote Sugar Refinery and Trans-Nationwide Express, saw their share prices rise.

Red Star Express led the gainers’ in percentage terms, gaining 9.80 per cent to close at N3.25 per share.

Consolidated Hallmark Insurance followed with 9.68 per cent to close at 34k, while Trans-Nationwide Express rose by 9.33 per cent to close at 82k per share.

Lasaco Assurance rose by four per cent to close at 26k, while MTNN appreciated by 2.41 per cent to close at N123 per share.

Union Bank of Nigeria was the biggest loser in percentage terms, dropping 6.54 per cent to close at N5 per share.

Cornerstone Insurance trailed with 6.25 per cent to close at 60k, while Linkage Assurance lost five per cent to close at 38k per share.

Mutual Benefits Assurance, Chams and Courteville Business Solutions shed 4.76 per cent each to close at 20k per share each.

The volume of shares traded rose by 33.62 per cent with 262.05 million shares worth N4.39 billion achieved in 3,254 deals.

This was in contrast with 196.12 million shares valued at N1.73 billion exchanged in 3,542 deals on Monday.

Transactions in the shares of Zenith Bank topped the activity chart with 45.88 million shares worth N766.27 million.

FBN Holdings accounted for 24.14 million shares valued at N119.50 million, while Transcorp sold 20.97 million shares worth N12.55 million.

FCMB Group traded 20.53 million shares valued at N42.28 million, while Guaranty Trust Bank transacted 20.33 million shares worth N516.43 million.

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