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    NGX opens with 0.10% loss, as investors await MPC outcome

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    Lagos, May 24, 2021 Activities on the nation’s bourse resumed on Monday still on a bearish trend, as investors await the outcome of the Monetary Policy Committee (MPC) meeting.

    Specifically, the All-Share Index lost 36.49 points or 0.10 per cent to close at 38,287.58 from 38,324.07 posted on Friday.
    Accordingly, month-to-date and year-to-date losses increased to 3.9 per cent and 4.9 per cent, respectively.

    Also, the market capitalisation which opened at N19.975 trillion dipped N19 billion or 0.10 per cent to close at N19.956 trillion.

    Thus, the All-Share Index declined by 0.1 per cent to 38,287.58 points.

    The decline was driven by price depreciation in large and medium capitalised stocks amongst which were; Enamelware, Eterna, Guaranty Trust Bank, Access Bank and United Bank for Africa.

    Analysts at Afrinvest Ltd. said the stock market would witness cautious trading pending the outcome of the MPC meeting slated for May 24 and 25.

    “We expect to see cautious trading tomorrow (May 25), as investors await the Central Bank of Nigeria’s policy reaction to the recently released GDP and inflation numbers by the end of the MPC meeting,” said the analysts.

    Also, Mr Ambrose Omordion, Chief Operating Officer, InvestData Ltd. told newsmen that the direction of the market this week would depend on the outcome of the MPC.

    Omordion said the MPC would likely maintain the rates following the slight growth in the GDP in the first quarter by 0.51 per cent.

    However, the market closed on a positive note with 18 gainers in contrast with 17 losers.
    Royal Exchange dominated the gainers’ table in percentage terms, with a gain of 9.68 per cent to close at 68k per share.

    Regency Alliance Insurance trailed with 8.82 per cent to close at 37k, while Consolidated Hallmark Insurance rose by 7.84 per cent to close at 55k per share.

    Sovereign Trust Insurance appreciated by 7.69 per cent to close at 28k, while Japaul Gold and Ventures gained 7.55 per cent to close at 57k per share.

    On the other hand, Associated Bus Company led the losers’ chart in percentage terms with 9.76 per cent to close at 37k per share.

    Enamelware followed with 9.75 per cent to close at N16.20, while UACN Property Development Company shed 8.43 per cent to close at 76k per share.

    Jaiz Bank dropped 6.45 per cent to close at 58k, while Courteville Business Solutions depreciated by 4.76 per cent to close at 20k per share.

    Also, the total volume of shares transacted declined by 19.02 per cent with141.15 million shares valued at N1.09 billion in 3,566 deals.

    This was against a turnover of 174.30 million shares worth N1.95 billion achieved in 2,581 deals on Friday.

    Transactions in the shares of UACN Property Development Company topped the activity chart with 17.35 million shares valued at N13.34 million.

    FBN Holdings followed with 11.25 million shares worth N81.25 million, while Chams traded 7.92 million shares valued at N1.64 million.

    Fidelity Bank sold 7.84 million shares worth N17.94 million, while Zenith Bank transacted 7.21 million shares valued at N166.08 million.

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