Nigerian stock market reverses gain with N1.62tn in losses after CBN holds interest rate
Investors in Nigerian Exchange Limited recorded a massive N1.62 trillion loss on Wednesday as equities reversed Tuesday’s gain. The losses came after the Central Bank of Nigeria announced holding the interest rate at 26.50 percent at the end of its 305th Monetary Policy Committee. Consequently, market capitalization in NGX declined by 1.02 percent, or N1.619 trillion, to close […] Nigerian stock market reverses gain with N1.62tn in losses after CBN holds interest rate
Black News 
Investors in Nigerian Exchange Limited recorded a massive N1.62 trillion loss on Wednesday as equities reversed Tuesday’s gain.
The losses came after the Central Bank of Nigeria announced holding the interest rate at 26.50 percent at the end of its 305th Monetary Policy Committee.
Consequently, market capitalization in NGX declined by 1.02 percent, or N1.619 trillion, to close at N159.660 trillion from N161.279 trillion in the previous session.
Similarly, the All-Share Index dropped by 2,573.05 points, also representing a 1.02 percent loss, to settle at 249,062.37 compared with 251,635.42 recorded earlier.
The downturn weakened the year-to-date return to 60.05 percent.
However, market breadth closed positive with 41 gainers against 25 losers.
On the gainers chart, Zichis Agro Allied Industries and ABC Transport led by 9.99 percent each, settling at N32.04 and N8.26 per share, respectively.
Also, Ja Paul Gold increased by 9.95 percent, ending the session at N4.09; Livingtrust Mortgage Bank increased by 9.92 percent, closing at N4.21; while FTN Cocoa Processors gained by 9.91 percent, finishing at N10.76 per share.
On the flip side, BUA Cement led the losers’ chart by 10 percent, closing at N414; CAP trailed by 9.99 percent, settling at N210.35, while E-Tranzact declined by 7.03 percent, finishing at N17.20 per share.
Similarly, International Breweries lost by 5.38 percent, ending the session at N12.30, and Deap Capital Management fell by 4.92 percent, closing at N5.80 per share.
Market activity declined during the session, as total volume traded fell by 14.74 percent to 600.22 million shares, valued at N32.72 billion across 58,958 deals.
Access Corporation led in trading volume with 55.96 million shares exchanged, representing 9.32 percent of total volume.
Zenith Bank topped the value chart with N4.81 billion worth of transactions, accounting for 14.69 per cent of total market value.
Nigerian stock market reverses gain with N1.62tn in losses after CBN holds interest rate
