September 25, (THEWILL) — The Nigerian stock market prolonged gains on Thursday, rising for a 2d straight session as merchants answered positively to the Monetary Coverage Committee’s (MPC) most novel charge choice.
The All-Share Index (ASI) most neatly-liked by 0.31 percent, transferring from 140,716.10 foundation aspects to 141,149.04, while market capitalisation additionally superior by 0.31 percent, from N89.06 trillion to N89.34 trillion.
Thursday’s rebound adopted a subdued efficiency on Wednesday, when the market slipped 0.15 percent, with both ASI and market capitalisation closing decrease.
Market breadth improved tremendously, with 34 gainers in opposition to 22 losers, in contrast with the day outdated to this’s 23 gainers.
Top performers included MECURE (+9.89%), OANDO (+9.50%), MCINHOLS (+9.31%), CHAMS (+9.24%) and LEGENDINT (+9.18%). On the losers’ table, ETERNA led with a entertaining -10.00 percent decline, adopted by SOVRENINS (-4.84%), TIP (-3.84%), CAVERTON (-3.76%) and FIDSON (-3.72%).
Predominant counters much like Dangote Cement, Seplat Vitality, Custodian Investment Plc, Julius Berger Nigeria Plc and Champion Breweries closed unchanged.
Analysts attributed the improved sentiment to the MPC’s 50-foundation-level charge decrease, which spurred shopping passion in mid-sized and charge-ravishing stocks as merchants repositioned their portfolios in anticipation of decrease borrowing charges.
Nonetheless, market process remained selective, with rallies concentrated in just a few names, while entertaining declines in stocks admire ETERNA mirrored income-taking and sector rotation despite the final obvious breadth.
Having a behold forward, market route will hinge on the hasten of transmission of the charge decrease to commercial lending, liquidity stages within the banking system, and company-particular trends.
For now, Thursday’s session indicates cautious optimism, with improved participation nonetheless concentrated gains suggesting merchants dwell watchful.
***Written by Ogochukwu Onwaeze.
