Emmanuel Ochayi
Nigeria’s equity market recorded a 0.87% gain on Wednesday, marking its first positive close of the week. Investors responded to the start of the Monetary Policy Committee (MPC) meeting, which is expected to shape economic policies.
Key stocks, including BUA Foods, Eterna, RT Briscoe, and Sunu Assurances, drove the market’s upward movement. The rise came after Tuesday’s market decline following the release of Nigeria’s rebased inflation report for January. The National Bureau of Statistics (NBS) reported a lower inflation rate of 24.48%, a development that initially pressured investor sentiment.
Join our WhatsApp ChannelEquity Market Sees Gains in Key Indicators
At the close of trading on Wednesday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) rose from 107,670.98 points to 108,609.51 points. Similarly, the equity market capitalization increased from N67.179 trillion to N67.684 trillion.
READ ALSO: Nigeria’s Equity Market Sees Dip Despite Positive Inflation Data
These figures represent a turnaround from earlier losses in the week as investors positioned themselves ahead of the MPC’s decision on interest rates and monetary policies.
Top Performing Stocks Boost Equity Market
The positive performance was largely driven by gains in BUA Foods, which saw its share price rise from N373.50 to N410.50, adding N37 or 9.91%.
Other key advancers included:
- RT Briscoe, which moved from N2.46 to N2.63, adding 17 kobo or 6.91%.
- Eterna, which increased from N40 to N42.50, a gain of N2.50 or 6.25%.
- Sunu Assurances, which climbed from N6.52 to N6.92, adding 40 kobo or 6.13%.
Active Trading Boosts Market Liquidity
Investor participation remained high, with 12,970 deals recorded. A total of 343,718,718 shares were traded, amounting to N8.63 billion in value.
Stocks such as Access Holdings, Fidelity Bank, Zenith Bank, Sterling Financial Holdings, and Coronation Insurance were among the most actively traded on the exchange.
Investor Sentiment Remains Positive
Market analysts suggest that the positive performance of the equity market reflects investor confidence ahead of the MPC outcome. The expected policy direction on interest rates and inflation control is likely to influence further trading activities.
With the market responding positively, attention remains on Thursday’s MPC decision, which could determine the next trend in the equity market.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
