Stock Investors Record N14bn Gain
The Wednesday market rebounded with a gain of N14bn after losing N15bn on Tuesday.
Investors gained N14bn in value as market capitalisation went up to N26.531tn.
The All Share Index rose by 10.25 basis points or 0.02 per cent to close at 49,171.70 basis points on Wednesday.
The positive trend at the end of trading on Wednesday was influenced by gains recorded in medium and large capitalised stocks, amongst which are; BUA Cement, Ardova, Sterling Bank, Chams and Jaiz Bank.
At the end of last week, the stock was down by N241bn last week as investors traded with uncertainty surrounding the Monetary Policy Committee of the Central Bank of Nigeria scheduled for this week.
The CBN on Tuesday after the two-day MPC meeting in Abuja raised its Monetary Policy Rate to 15.5 per cent.
The CBN also raised the Cash Reserve Ratio to 32.5 per cent from 27.5 per cent.
A Doyen of the Nigerian capital market, Mr Rasheed Yusuf, stated that the stock market was reacting to a series of developments both locally and internationally.
According to him, “locally, you know our economy is not doing well. If the economy is not doing well then, the stock market has to react.”