Stock market gains by 0.80%, as investors embrace MPC forex flexibility decision

The Nigerian stock market advanced 0.80 per cent yesterday, as investors reacted to the Monetary Policy Committee (MPC) outcome.

Consequently, the All Share Index rose by 215.53 points or 0.8 per cent to settle at 27,231.50 points. Investors gained N74 billion as market capitalisation rose to N9.353 trillion.

According to analysts on stock market, following the announcement of the MPC to introduce some level of flexibility into the Forex market, we expect market momentum to strengthen in sessions ahead.

Sentiments in the market strengthened yesterday and this was reflected in the market breadth as 25 stocks appreciated while 18 declined. Vitafoam led the gainers’ table by 6.98 per cent, to close at N4.60 per share. Nahco followed with a gain of 4.82 per cent to close at N4.78, while Fidson advanced by 4.76 per cent to close at N2.20 per share.

NPF Microfinance Bank gained by 4.59 per cent to close at N1.14, while DN Meyer went up by 3.80 per cent to close at 82 kobo per share.

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On the other hand, Learn Africa led the laggards’ table by 9.41 per cent to close at 77 kobo per share. CAP trailed with a loss of 5 per cent to close at N38, while Cadbury declined by 4.99 per cent to close at N16.38 per share.