Stocks Gain 0.66% Ahead of Monetary Policy Meeting

Forex Market
  • Stocks Gain 0.66% Ahead of Monetary Policy Meeting

The stock market closed the week on a positive note following a 0.66 percent gain in both the All Share Index and market capitalisation.

The All-share Index rose 212.58 points to close the week at 32,540.17 points, up from the 32,327.59 points recorded a week ago.

Similarly, the market capitalisation of listed stocks climbed from N11.80 trillion attained a week ago to close at N11.88 trillion this week. Gaining N8 billion in total for the week.

Banking sector gained the most to top all the sectors, gaining 2.67 percent during the week. While the Oil and Gas sector followed closely with a rise of 2.6 percent.

However, year to date return remained negative at -14.19 percent for All Share Index and -12.71 percent decline in market capitalisation.

CCNN remained the most appreciated stock this year, returning 149.5 percent.

C & I Leasing returns 138 percent; Cutix, 104 percent; Unity Bank, 81.1 percent; NEM, 80.7 percent; Fidson, 62.2 percent; AIICO, 55.8 percent; Sky Bank, 54 percent; Eterna, 53.9 percent while Beta Glass at 52 percent appreciation year to date, completes the list of the top ten most appreciated stocks on the NSE as at September 21, 2018.

The Monetary Policy Committee of the Central Bank of Nigeria is expected to meet on Monday 24 and Tuesday 25 to set interest rates.

The committee left interest rate unchanged at 14 percent during its last meeting, citing rising interest rates in developed economies and a possible surge in spending during national elections.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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