Equities sustain rally ahead of CBN's rate decision

• Published date: 24 January 2023
• Publication title: Nigeria - The Nation

Nigerian equities were bullish yesterday as the Central Bank of Nigeria (CBN) began a two-day meeting to review economic outlook and appropriate monetary stance.

Benchmark index at the Nigerian Exchange (NGX) indicated average return of 0.12 per cent, equivalent to net capital gain of N34 billion.

The Monetary Policy Committee (MPC) of the CBN yesterday started a two-day meeting during which it will decide to reduce, increase or leave the benchmark interest rate, the Monetary Policy Rate (MPR) unchanged. Nearly all analysts agreed the choice before the apex bank is to either hold or increase rate, with most analysts tilting towards a rate hike.

The All Share Index (ASI)- the common, value-based index that tracks all share prices at the Exchange, rose by 63.01 points or 0.12 per cent to close at 52,657.69 points as against its opening index of 52,594.68 points.

Aggregate market value of all quoted equities rose from its opening value of N28.647 trillion to close at at N28.681 trillion.

With 18 gainers to 13 losers, th positive overall market position was driven largely by widespread positive sentiment across the sectors.

John Holt recorded the highest price gain of 9.38 per cent to close at N1.05 per share. Secure Electronic Technology followed with a gain 9.09 per cent to close at 24 kobo. Chams rose by 7.69 per cent to close at 28 kobo per share. Geregu Power went up by 6.92 per cent to close at N148.40 while Associated Bus Company rallied 6.90 per cent to close at 31 kobo per share.

On the negative side, Cornerstone Insurance led the...