Stock market opens week in red as focus shifts to MPC decisions

Ahead of Tuesday’s decisions of the ongoing monetary policy committee (MPC) meeting, Nigeria’s equities market closed in red (-0.21percent).

“We anticipate a mixed market performance in the coming week as investors shift their focus to the outcome of the MPC meeting scheduled for 25th and 26th of November, 2024,” according to investment research analysts at Lagos-based Futureview.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased from preceding day’s 97,829.02 points and N59.292 trillion respectively to 97,626.27 points and N59.169 trillion.

This month, the market has decreased by 0.03 percent, while it has risen this year by 30.56 percent.

FBN Holdings, Haldane McCall, Tantalizer, Guinea Insurance, and Prestige Assurance were actively traded. Stocks like Lasaco (-8.63 percent) and Austin Laz & Company (-9.40 percent) led the league of top decliners.

In 10,464 deals, investors exchanged 671,260,264 shares worth N10.639 billion.

Vetiva analysts had ahead of market close anticipated a tepid session on Monday. “Sell-offs in the banking sector are anticipated to ease, following two sessions of losses. This could push the ASI to a green close today (Monday), barring profit-taking in large-cap ticker,” they noted.