Market Today | 21st May, 2019

21st May, 2019 | Index surges above psychological line.

Outlier trading continued in the equities market today, largely driven by significant appreciation in MTNN and DANGCEM. The earlier seems not to have discovered its market clearing price thereby gaining about to 10.0% while investors hunter for bargain in the later, as such inching up by 3.93%.

Away from that, the Monetary Policy Committee (MPC) maintained status quo on rates today to identify clear path of some important domestic and foreign macroeconomic indicators upon which subsequent decision would be taken. The committee, however, promised to intensify effort in providing credits to private sector and reduce the crowding-out effect of its policy options.

Having said that, the benchmark index advanced significantly by 2.88% to 30,218.14 which represent a pare above its psychological line after it dipped nearly one month ago. Similarly, market capitalization climbed nine-month high (August 2018) having gained 372.07billion to close today’s session at N13.31trillion.  Furthermore, we observed that buying interest remained strong in MTNN, THOMASWY and DANGCEM, just as renewed interest pushed FO, UBN, WAPIC and GUARANTY in the positive territory from previous losses recorded.

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