Local Equities Market ASI Rebounds by 2.92% as MPC Cut MPR to 11.50%

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In the just concluded week, the local equities market closed positively amid sustained bargain hunting activity even as investors reacted positively to the cut in MPR by 100bps to 11.50%. Specifically, the NSE All-Share Index (ASI) advanced week-on-week by 2.92% to close at 26,319.47 points.

Amid a further reduction in yields in the fixed income space, we saw Investors take a position in blue-chip stocks, especially in banking, consumer goods and industrial sectors.

Hence, the NSE Consumer Goods, NSE Banking, NSE Industrial, NSE Oil/Gas and the NSE Insurance indices rose by 5.99%, 3.59%, 2.44%, 1.16% and 1.08% to 458.69 points, 302.50 points, 1,161.46 points, 191.99 points and 132.58 points respectively.

Meanwhile, market activity was upbeat as total deals, transacted volumes and Naira votes increased by 11.69%, 46.34% and 68.93% to 18,396 deals, 1.56 billion shares and N20.55 billion respectively.

In the new week, we expect the domestic equities market to remain upbeat as investors position in stocks that have good fundamentals. The recent rally in the share price of Lafarge Africa Plc (WAPCO) indicates that investors are already positioning to milk value in companies that have performed well in the last six months.

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Local Equities Market ASI Rebounds by 2.92% as MPC Cut MPR to 11.50% - Brand SpurLocal Equities Market ASI Rebounds by 2.92% as MPC Cut MPR to 11.50% - Brand Spur

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Local Equities Market ASI Rebounds by 2.92% as MPC Cut MPR to 11.50% - Brand SpurLocal Equities Market ASI Rebounds by 2.92% as MPC Cut MPR to 11.50% - Brand Spur

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