Investors gain N61.65bn, as NGXASI advance by 0.11%

Investors gained N61.65bn on Tuesday trading as the NGX All-Share Index (NGXASI) advanced by 0.11% to 98,285.33 points.

The total volume traded declined by 45.05 percent to close at N222.90m, valued at N5.15bn and traded in 7,228 deals. GTCO  was the most traded stock by volume and value, with N40.64m and N1.62bn units traded.

At the close of trading, the market breadth index (MBI) closed flat with 20 gainers against 20 losers, while 81 others remained unchanged. BERGER topped the gainers’ list, while INTENEGINS topped the losers’ list.

Meanwhile, GTCO had the highest volume, contributing 18.23 percent, while ACCESSCORP and UBA followed closely.

The value chart shows that GTCO contributed the most, with a 31.39 percent share. MTNN and UBA  followed closely behind.

With the increased rate by the Central Bank of Nigeria (CBN), Commercio Partners predict that the recent interest rate hike is expected to stimulate activity in the fixed-income market by making new securities more attractive.

“New bonds will be issued with higher yields to reflect the increased policy rate. Investors will demand higher returns to compensate for the elevated interest rate environment.

“As a result, long-duration bonds, which are more sensitive to interest rate changes, are likely to experience greater price declines compared to short-duration bonds as rates rise,” the firm stated.