NGX: Trading closes negatively as investors anticipate outcome of MPC meeting

Trading on the Nigerian Exchange closed negatively on Monday as investors await the outcome of the Monetary Policy Committee (MPC) meeting.

The Central Bank of Nigeria (CBN) at its last MPC meeting had raised the monetary policy rate (MPR) which benchmarks interest rates, from 18.75 per cent to 22.75 per cent.

It also increased the cash reserve ratio (CRR) from 32.5 per cent to 45 percent while retaining the liquidity rate at 30 per cent.

Similarly, the All-Share Index (ASI) decreased to 104,136.35 from 104,647.37 recorded on Friday.

The market breadth was negative as 20 stocks advanced, 29 declined, while 68 others remained unchanged in 9,343 deals.

Ellah Lakes led other gainers with 10 percent growth in share price to close at N3.63 from the previous N3.30 per share.

Morison Industries, Sunu Assurance Nigeria, and Caverton Offshore Support Group with 9.93 percent , 9.48 percent , and 9.37 percent increase in share prices completed the list of gainers in today’s trading.

On the flip side, Dangote Sugar Refinery and International Energy Insurance led other price decliners as they shed 10 percent off their share price to close at N53.10 and N1.35 from their previous N59.00 and N1.50 per share respectively.

Jaiz Bank, Ikeja Hotel, and Deap Capital also recorded a 9.92 percent , 9.72 percent , and 9.52 percent dip in their share prices respectively.

On the volume index, Jaiz Bank traded 23.155 million shares valued at N52.5 million in 334 deals followed by United Bank for Africa (UBA) with 19.518 million shares worth N518.7 million traded by shareholders in 525 deals.

Access Bank Holding traded 15.254 million shares valued at N363.1 million in 420 deals.

On the value index, MTN Nigeria traded stocks worth N2.61 billion in 486 deals followed by GTCO with equities worth N638 million in 435 deals.

UBA sold stocks worth N519 million in 531 deals.