Stock Market Sheds N24bn As MPR Raises By 100bps

Also, the Monetary Policy Committee of the Central Bank of Nigeria unanimously voted to increase the Monetary Policy Rate further by 100bps to 17.5 per cent at its first meeting of 2023, representing the fifth consecutive rate hike since the CBN commenced its monetary policy tightening cycle in May 2022.

The All-Share Index decreased by 45.14 absolute points, representing a decline of 0.09 per cent to close at 52,612.55 points. Similarly, the overall market capitalisation size lost N24 billion to close at N28.657 trillion.The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Geregu Power, Nigerian Breweries, Nigerian Exchange Group , Champion Breweries and Industrial and Medical Gas Nigeria .

As measured by market breadth, market sentiment was positive, as 20 stocks gained relative to 14 losers. Mutual Benefits Assurance recorded the highest price gain of 10 per cent, to close at 33 kobo, per share.with a gain 9.91 per cent to close at N12.20, while C&I Leasing rose by 9.84 per cent to close at N3.46, per share.

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