…as CBN leaves interest rate unchanged
Activities on the floor of the Nigerian Stock Exchange (NSE) witnessed another drop in share prices as the bears sustained their grip on the activities of local bourse- culminating into a loss of 0.26 per cent.
This is just as the Central Bank of Nigeria (CBN) kept its main interest rate at 14 per cent on Wednesday after the first policy-setting meeting of the year.
Recent economic data had suggested there was scope for a rate cut as inflation fell to an almost one-year low last February at 14.33 per cent.
However, the equities market losses widened the second trading day as investors remained on the sideline following investment apathy.
The local bourse recorded 18 gainers and 26 losers. Consequently, the All-Share Index dipped 105.78 basis points or 0.26 per cent to close at 40.749.86 basis points as against 40,855.64 recorded the previous day while market capitalisation of equities depreciated by N38 billion from N14.758 trillion the previous day to N14.720 trillion.
Meanwhile, a turnover of 401.4 million shares exchanged in 5,370 deals was recorded in the day’s trading.
The banking sub-sector of the financial services segment was the most active (measured by turnover volume) with 151.5 million shares exchanged by investors in 2,161 deals.
Volume in the sub-sector was largely driven by activities in the shares of Access Bank Plc and Fidelity Bank Plc.
Also, the premium sub-sector, boosted by activities in the shares of Zenith Bank Plc and FBNH Plc followed with a turnover of 132.2 million shares in 802 deals.
Further analysis of the day’s trading showed that Lasaco Insurance Plc topped the day’s gainers’ table with 5.88 per cent to close at 35 kobo per share while Fidelity Bank Plc trailed with 5.76 per cent to close at N2.57 per share. Access Bank Plc added 4.89 per cent to close at N11.80 per share.
On the flip side, Dangote Sugar Plc led the losers’ with a drop of 9.54 per cent to close at N13.75 per share while Multiverse Nigeria Plc and Sovereign Trust Insurance Plc shed 9.09 per cent each to close at 20 kobo per share respectively. Wapic Insurance Plc plunged by 7.02 per cent to close at 53 kobo per share.