The Nigerian equities market bounced back from six consecutive days of losses, gaining N95 billion in market capitalization on Tuesday, November 25 to close at N91.441 trillion, while the benchmark All-Share Index (ASI) advanced by 148.52 points or 0.10% to close at 143,763.13 points.
Gains in GTCO (+1.4%), STERLINGNG (+9.0%), FIRSTHOLDCO (+1.5%), and UACN (+7.2%) largely drove the market performance.
As a result, Month-to-Date (MtD) and Year-to-Date (YtD) returns improved slightly to -6.7% and +39.7%, respectively.
Key performance indices at a glance
- ASI: +0.1% → 143,763.13 points
- Month-to-Date return: -6.7%
- Year-to-Date return: +39.7%
- Total volume traded: 556.15 million units (-20.0%)
- Total value traded: N18.71 billion
- Total deals: 19,500
- Top traded by volume: FIRSTHOLDCO — 93.72 million units
- Top trade by value: STANBIC — N3.21 billion
Sectoral Performance
- Banking Index: +0.4%
- Insurance Index: -0.8%
- Oil & Gas Index: -0.2%
- Industrial Goods: Flat
- Consumer Goods: Flat
CBN’s retained policy parameters major trigger
Stockbrokers attributed the market rebound to investors reacting positively to the Central Bank of Nigeria’s (CBN) decision to retain key monetary policy parameters unchanged at its 303rd Monetary Policy Committee (MPC) meeting.
“The policy stance signalled stability to market participants, spurring interest in medium and large capitalised stocks.,” Mr. Tajudeen Olayinka, CEO Wyoming Capital and Partners, told Nairametrics. According to him, the decision to keep the benchmark interest rate unchanged helped renew buying interest, particularly among cautious investors seeking policy clarity.
Monetary policy parameters
- Monetary Policy Rate (MPR): 27%
- Cash Reserve Ratio (CRR): 45% for commercial banks
- 16% for merchant banks
- 75% CRR maintained on non-TSA public sector deposits
- Liquidity Ratio (LR): 30%
Market breadth and top gainers
The market sentiment was strengthened as 26 stocks advanced versus 20 that declined. Gains recorded were largely in Eunisell Interlinked, NAHCO, UACN, NCR Nigeria, and Ikeja Hotel.
Top 5 Gainers
- NCR up 9.98% to N45.20
- IKEJAHOTEL up 9.86% to N22.85
- PRESTIGE up +9.56% to N1.49
- EUNISELL up +9.49% to N86.50.
- STELRINGNG Up +8.96% N7.30
Top 5 losers
- UNIONDICON: Down -10.00% to N6.30
- CAVERTON: Down -10.00% to N4.95
- SUNUASSUR: Down -4.78% to N4.38
- Lasco Assurance: Down -4.58% to N2.50
- AXA Mansard Insurance: Down -4.23% to N12.45
Activity level drops despite positive trend
Market activity slowed as total volume traded declined by 18.62% to 556.153 million units, valued at N18.714 billion, across 19,500 deals.
FirstBank Holdings (FBNH) recorded the highest activity with 93.717 million shares worth N2.909 billion.
- Access Holdings: 81.764 million shares valued at N1.689 billion
- Fidelity Bank: 41.793 million shares worth N796.389 million
- FCMB Group: 38.028 million shares worth N386.756 million
- UBA: 31.951 million shares valued at N1.151 billion
Outlook
Market analysts at Cordros Capital say the CBN’s policy continuity is expected to sustain investor confidence in the near term.
However—while rate retention signals stability—analysts warn that earnings resilience and liquidity flows will remain key determinants of market direction until stronger macroeconomic indicators emerge.
