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Stretching further south, equities trading on the floor of the Nigerian Stock Exchange ended in the negative territory, as the lead performance pointer, NSEASI gave up 8Bpts of its trading points and closed at 38,256.76 from 38,287.58. It was a mixed performance amongst the observed market indices in this report. Thus, WtD the lead index is 18Bpts below the opening point, while the total lost points in the month of May is now 396Bpts. See the index movement table for details.
As expected, the Monetary Policy Committee ended its two days meeting, unanimously deciding to leave all rates unchanged. The committee is of the view that, a tight stance will hamper the Bank’s objectives of providing low cost credit to households, Micro Small and Medium Enterprises (MSMEs), Agriculture, and other output growth and employments, stimulating various sectors of the economy. As noted in our report yesterday, this is line with our view and we are of the opinion that, the committee stand is in order. Nevertheless, market was seen maintaining negative side with reduced momentum despite the unchanged rates, few equities prices changed while others ended on a flat note. We assumed that most traders already sat on the fence, in expectation of the outcome of the meeting; if this assertion is correct, the true reaction to the outcome of the MPC meeting will be clearly played out during tomorrow trading hours.
The total value loss by the Market Capitalization of the listed equities during today’s trading activities was N16.062 billion, same as 8Bpts below the opening value. Meanwhile, trading activities for the day produced 12 ADVANCERS and 17 LAGERS. NSEASI Year to Date loss is now 500Bpts while the Market Capitalization Year to Date loss stood at N1.116 trillion same as 530Bpts below the year’s opening value.
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