Nigerian Stock Traders Gain N390bn in 5 Hours Amid Concerns from Experts Following CBN Interest Rate Hike

The Nigerian stock market witnessed a significant upturn, with the value of listed equities surging by N390 billion to reach N54.71 trillion by the close of trading on Thursday, February 29, 2024. This positive outcome follows the Central Bank of Nigeria’s (CBN) recent interest rate hike during its bimonthly meeting of the Monetary Policy Committee (MPC) on Tuesday.

 

Investors played a pivotal role in driving this positive performance, particularly through their acquisition of shares in Guaranty Trust Holding Company Plc (GTCO Plc) and United Bank for Africa Plc (UBA). GTCO shares experienced the most notable rally, climbing from N36 to N39.60, an increase of N3.60 or 10% during the 5-hour trading period. UBA shares followed suit, rising from N20.50 to N22.55, up by N2.05 or 10%.

 

Key statistics from the NGX activities on Thursday include:

– NGX All-Share Index: 99,980.3 points

– Previous ASI: 99,266.02 points

– % Day Change: +0.72%

– Market Cap: N54.71 trillion

– Volume Traded: 542.95 million units

– Value: N8.697 billion

– Deals: 9,650

 

Top gainers:

– GTCO: +10% to close at N39.60

– NEM Insurance Plc: +10% to close at N6.60

– Juli PLC: +10% to close at N3.41

– United Bank for Africa Plc: +10% to close at N22.55

– Champion Breweries Plc: +9.97% to close at N3.42

 

Top losers:

– The Initiates Plc: -10% to close at N1.80

– Sunu Assurances Nigeria PLC: -10% to close at N1.71

– Eterna Plc: -9.81% to close at N14.25

– CWG: -9.76% to close at N5.55

– Morison Industries Plc: -9.58% to close at N1.51