The domestic bourse posted a 0.03 percent rebound to close at N29.909 trillion, gaining N10 billion, following the upward review of the Monetary Policy Rate, (MPR) from N17.50 percent to 18 percent on Tuesday.
Specifically, the market capitalization gained N10 billion or 0.03 percent to close at N29.909 trillion when compared to N29.899 trillion recorded on Monday.
Also, the All-Share Index rose by 18.64 points or 0.03 percent to close at 54,904.68 as against 54,886.04 recorded on Monday.
As a result, the ASI’s year-to-date (YTD) return increased to 7.13 percent.
The upturn was impacted by investors’ interest in the stocks of Zenith Bank, WAPIC, and Stanbic Bank, among others.
Linkage Assurance led the gainers’ chart in percentage terms by 9.76 percent to close at 45k, per share.
WAPIC followed with a gain of 7.89 percent to close at 41k, while Champion Breweries rose by 4.26 percent to close at N4.90, per share.
Sterling Bank rose by 2.67 percent to N1.54, while Jaiz Bank appreciated by 2.30 percent to close at N1.54, per share.
On the other hand, Ikeja Hotel drove the losers’ chart by 9.65 percent to close at N1.03, per share.
Cadbury followed with a decline of 5.83 percent to close at N11.30, while University Press depreciated by 4.76 percent to close at N2, per share.
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International Breweries declined by 4.30 percent to close at N4.45, while Regency Alliance Insurance depreciated by 2.30 percent to close at 89k, per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 44.84 percent.
A total of 127.74 million shares valued at N1.59 billion were exchanged in 2,987 deals.
Market breadth closed positive as 12 stocks increased while nine others declined.
Transactions in the shares of United Bank Africa (UBA) topped the activity chart with 19.6 million shares valued at N157.25 million.
Transcorp followed with 14.45 million shares worth N18.51 million, while Fidelity Bank traded 12.73 million shares valued at N65.67 million.
Zenith Bank traded 11.96 million shares valued at N298.84 million, while Guaranty Trust Holding Company (GTCO) transacted 10.47 million shares worth N258.24 million.
Following the decision by the Monetary Policy Committee to raise the MPR by 50 basis points to 18 percent, analysts at Vetiva Securities Ltd. anticipate a rise in yields in the Fixed Income market in the coming sessions.
“This could further dampen sentiment in the equity market,” the analysts said.
