Equities market drops by 0.07% over MPC uncertainty

Equities sector of the Nigerian Stock Exchange (NSE) resumed the week on a negative note on the heels of uncertainty of what will be the outcome of the Monetary Policy Committee (MPC) meeting that commenced today and ends tomorrow.

The NSE All-Share Index (ASI) slipped marginally by 0.07 per cent at the close of today’s trading session.

The All-Share Index opened today at 27,858.48 basis points to close at 27,839.93 basis points while the Market Capitalization dropped from N9.569 trillion to N 9.563 trillion.

Market performance as measured by the NSE Indices, revealed gains across most sectors with the NSE Banking Index gaining 0.25 per cent from 283.19 basis points to 283.89 basis points while NSE Insurance Index rose by 0.16 per cent from 128.39 basis points to 128.59 basis points.

NSE Industrial Index and NSE Oil/Gas Index increased by 0.24 per cent and 0.16 per cent to 1825.68 basis points and 311.92 per cent respectively.

However, the volume and value of transactions advanced by 43.36 per cent and 37.23 per cent respectively. A total of 27 stocks appreciated against 20 decliners.

Conoil Plc led the gainers’ chart for the sixth consecutive trading day, appreciating by 10.24 per cent to close at N35.10 from N31.84 it opened for trading.

Total Nigeria rose by five per cent or N12.50 from N250.00 to N262.50; MRS Oil appreciated by 4.99 per cent to N38.48, Transcorp gained 4.81 per cent or N 0.05 and Skye Bank Plc moved from N0.63 to N0.66, representing an increase of 4.76per cent also featured among the top gainers today.

Contrarily, Forte Oil Plc dropped by 3.52 per cent pared the most to close at N155.35. It was trailed by Air Service Plc that lost 3.33per cent; Nascon dropped by 2.44 per cent; Diamond Bank Plc depreciated by 1.74 per cent and Nigerian Breweries Plc   loss 1.13 per cent or N1.64 to close at N143.36 on Monday.

Analysts attributed the market performance to profit taking activities subsequent to the rally witnessed by some specific counters during previous trading days.

They anticipated that outcome of the Monetary Policy Committee meeting tomorrow, September 20, 2016 is expected to dictate market mood for the rest of the week.