Investors respond positively to interest rate retention as Nigerian equity market reverses downtrend

Stockbrokers at the floor of the Nigerian Stock Market

Investors were positive about the Monetary Policy Committee’s (MPC) decision to retain interest rate as the Nigerian equity market gained 0.05 per cent on Thursday to reverse the previous day’s decline.

The  MPC of the Central Bank of Nigeria (CBN) held interest rate at 14 per cent and Cash Reserve Ratio (CRR) at 22.5 per cent on Thursday.

The All-Share Index appreciated by 14.81 points, amounting to 0.05 per cent to close at 31,984.60 against 31,969.79 on Wednesday.

The market capitalization gained N5 billion to close the day’s trading at N11.676 trillion, as the bourse had 16 gainers and 13 losers.

Flour Mills led the gainers’ chart, appreciating 9.95 per cent to close at N20.45, while Ikeja Hotel shed -9.76 per cent (closing at N1.85) to top 13 other losers.

Zenith International Bank emerged the most active stock as investors exchanged 605.54 million shares worth N14.53 billion, accounting for 90.04 per cent of the total volume of shares traded.

Investors traded on a total of 672.56 million shares valued at N15.22 billion was traded in 2,436 deal, compared 237.75 million shares exchanged, valued N3.05 billion  in 3,559 deals on Wednesday.