AfriPulse
September 24, (THEWILL) — The Nigerian equities market closed on a weak note on Wednesday, September 24, as both market capitalization and the All-Share Index (ASI) recorded marginal declines following the Monetary Policy Committee’s (MPC) rate decision.
Market capitalization dropped by 0.15 percent, slipping from N89.20tn to N89.06tn, while the ASI shed 0.15 percent to close at 140,716.10 points, down from 140,929.60 points.
During the session, 23 stocks advanced, led by Dangote Sugar, which gained 10 percent to close at N59.40 from N54.00. MECURE rose 9.95 percent to N23.75 from N21.60, while CORNERST added 8 percent to finish at N6.48. UPDCREIT appreciated by 5 percent to N7.35, and NSLTECH climbed 8 percent to N0.81.
Decliners, however, outnumbered gainers, with 29 stocks closing lower. DEAPCAP led the chart with a 9.42 percent drop to N1.73, followed by LEGENDINT, which fell 9.26 percent to N4.90. WAPIC declined 8.75 percent to N2.92, RTBRISCOE shed 8.16 percent to N3.60, and MAYBAKER dipped 7.14 percent to N16.25.
Blue-chip stocks including Dangote Cement, Seplat Energy, Custodian Investment, Julius Berger, and Champion Breweries closed flat, helping to steady the session.
The cautious trading sentiment followed the MPC’s decision to maintain a dovish stance on interest rates in a bid to support economic growth.
While the policy adjustment raised short-term questions on liquidity and access to foreign exchange, its impact on equities was seen as gradual.
Some investors booked profits from earlier gains, while others remained watchful of sector-specific responses to borrowing costs and capital availability.
Analysts noted that Wednesday’s mixed performance reflected advances in consumer and real estate stocks, offset by declines in financial and industrial counters. Investor sentiment, they added, is likely to remain shaped by the MPC’s policy direction in the coming weeks.
***Written by Ogochukwu Onwaeze.
Author Profile
Source: TheWillNigeria | Read the Full Story…
