Equity Market Turned Bullish Despite Anticipation of an MPC Policy Rate Hike 

Nigeria’s Equity market started the week bullish. The NGX All-share index increased by 0.33% to close at 49,189.32 basis points against a 0.33% loss recorded at the end of the last trading session. The Year-to-date (YTD) return improved to +15.15% following the recent decline. In naira terms, the NGX marker CAP recorded a N87.76bn gain while volume traded fell by -29.49% to close at 119.28m, with Courtville contributing +23.21% to the total volume traded.

The Courtville share price fell by -2.2% to close at N0.45 from N0.46 in the previous trading. Bua Cement tops the gainers’ chart with a 5.4% increase in share price to sell to N50.45 from N47.85 at the close of the trade session. Analysts expect the MPC outcome to slightly weigh on the market today (See chart 3 below).