NGX gains N810bn ahead of first MPC meeting - Flowbaze.ng

Site Login

Lost your password? (close)

Flowbaze.ng

Welcome, Guest: Join Flowbaze.ng / / Advertise / Privacy / Recent / Terms and Conditions / News
Stats: 19 members, 25670 topics. Date: Wednesday, 18th May 2022

NGX gains N810bn ahead of first MPC meeting

Flowbaze.ng Forum / NGX gains N810bn ahead of first MPC meeting / Category / Business, Economy, News / NGX gains N810bn ahead of first MPC meeting (1 Views)

(0) (Reply)

NGX gains N810bn ahead of first MPC meeting by : 12:25 pm On January 24, 2022

NGX gains N810bn ahead of first MPC meeting

The Nigerian Exchange Ltd. (NGX) has posted a growth of N810 billion ahead of the first 2022 Monetary Policy Committee (MPC) slated for January 24 and 25.

The market capitalisation, which opened last week at N23.951 trillion garnered N810 billion or 3.38 per cent to close at N24.761 trillion, January 21.

Also, the NGX All-Share Index inched higher by 1,502.68 or 3.38 per cent to close at 45,957.35 from 44,454.67 posted in the preceding week due to gains by some blue chips.

Some analysts who spoke to journalists on Sunday in Lagos attributed the rally to share buyback by Dangote Cement and anticipation of improved earnings for the 2021 financial year.

The Managing Director, Morgan Capital Securities Ltd., Rotimi Olubi, said the commencement of the second tranche of shares buyback programme by Dangote Cement during the period contributed to the growth.

“The programme saw the share price of the company advancing from N252 per share to N284 at the close of market on January 21.

“This also drove the NGX ASI index and the market capitalisation by over N500 billion,” Mr Olubi said.

On the expectation of the global and domestic stock market this week, Mr Olubi said the news of soaring inflation and the prospect of further interest rate hikes which dampened the global equities, commodities, and crypto market outlook would determine the direction of the market this week.

The Chief Operating Officer, InvestData Ltd., Ambrose Omordion, said the nation’s equity market started 2022 on a strong momentum due to year-end portfolio rebalancing and repositioning for the new year.

He added that the growth was fuelled by rally in oil price and improved financial earnings announced by some quoted companies during the week under review.

Mr Omordion noted that price appreciation in high cap and blue-chip stocks impacted the market positively as revealed by NGX index that recorded 3.4 per cent on high traded volume and strong buying pressure, ahead of next week’s MPC meeting.

According to him, other factors that shaped the market so far are mixed macroeconomic indices, the listing of BUA Foods, and the Dangote Cement share buyback programme.

Analysts at Cordros Research said the outcome of the MPC would determine the direction and performance of the stock market this week.

Meanwhile, a total turnover of 1.86 billion shares worth N47.49 billion was traded by investors in 20,861 deals.

This was in contrast with 1.60 billion shares valued at N32.72 billion that were exchanged in 22,607 deals in the week before.

The financial service industry (measured by volume) led the activity chart with 815.36 million shares valued at N7.07 billion traded in 10,736 deals.

The sector contributed 43.89 per cent and 14.88 per cent to the total equity turnover volume and value respectively.

The ICT industry followed with 596.58 million shares worth N845.02 million in 1,028 deals.

The third place was the conglomerate’s industry, with a turnover of 161.347 million shares worth N191.189 million in 983 deals.

(NAN)

Comments are closed.

(0) (Reply)

Reasons Buhari keeps borrowing to run Nigeria: Debt Management Office / Soludo great asset to region’s economic progress: Southern Governors’ Forum / [Job Vacancy] Field Sales Executive at Cummins Nigeria / Nigerian students beg Buhari regime, ASUU over strike / Air Peace, Dana, Arik, others blame unruly passengers, inadequate facilities for flight delays, cancellations /  

Sections: 2Baba (8) 9jaflavour Celebrity News (805) 9Jaflavour Sports (3817) Abdullahi Umar Ganduje (2) Abia State (1) Abuja (8) Academic Staff Union of Universities (ASUU) (9) Academics (5) Access Bank (1) Accidents (8) Adamawa state (5) Adegboyega Oyetola (3) Adekunle Gold (3) Admission (3) Adom Tv (22) Advertising (3) AEW Dynamite (43) Africa (30) Africa Cup of Nations (AFCON) (57) Agriculture (1) Ahmed Lawan (1) Ahmed Musa (4) Airtel (1) Akwa Ibom state (3) Alex Iwobi (13) Aliko Dangote (7) All Elite Wrestling (AEW) (139) Amazon (4) Anambra State (4) Animals (1) APC (29) Applications (6) Arsenal FC (19) Articles (1) Asew Konofuo (9) Aston Villa FC (6) Atinka tv (2) Atletico Madrid FC (2) Automobile (3) Aviation (20) Babajide Sanwo-Olu (7) Banditry (8) Banking & Finance (53) Basketball (1) Basketmouth (3) Bayelsa state (3) BBNAIJA (73) BBnaija2021 (20) Beauty (2) Benue state (6) Betting (93) Beverages (1) Big brother Naija (1) Biography (140) Birthday (54) Bitcoin (2) Blogging (1) Bobrisky (19) Boko Haram (1) Bola Ahmed Tinubu (14) Borno state (1) Borussia Dortmund FC (2) boxing (3) Brands (11) Bruno Fernandes (1) Bundesliga (3) Burna Boy (6) Burnley FC (1) Business (576) Cameroon (5) Canada (2) Carabao Cup (1) Cardi B (1) Catholic Church (3) Celebrities (819) Celtic FC (1) Central Bank of Nigeria (CBN) (9) Chelsea FC (15) China (7) Chris Ngige (1) Christian Association of Nigeria (CAN) (1) Colleges (8) Companies (42) Confederation of African Football (CAF) (1) Coronavirus (1) Corruption (1) Countries (10) Court (26) COVID-19 (43) Crime (8) Cristiano Ronaldo (6) Cryptocurrency (7) Culture (1) Cyber crime (1) Davido (45) Desmond Elliot (2) Destiny Etiko (3) Devotionals (77) Didier Drogba (1) DJ Cuppy (15) Dollar (2) Don Jazzy (6) Donald Trump (1) Dorathy (1) Dream Girl (15) Drugs (10) Dwayne Johnson (The Rock) (2) E Extra updates (6) Ebonyi State (2) Economic and Financial Crimes Commission (EFCC) (2) Economy (155) Edo State (5) Education (82) Elections (19) Electricity (5) Emperor Ashoka (1) ENDSARS (3) England (5) English Premier League (EPL) (1) Enoch A. Adeboye (2) Enugu State (3) Erica (2) Europe (7) Events (34) Everton FC (9) Examinations (3) Facebook (1) Falz (2) Fashion (3) FC Barcelona (16) FC Bayern Munich (4) Federal government of Nigeria (FGN) (19) Femi Adesina (1) Femi Gbajabiamila (1) Femi Otedola (6) FIFA (11) First Bank of Nigeria (1) Fitness (4) Food (19) Football (529) Forbes (1) Foreign (8) Forex (1) France (4) Frank Lampard (1) Fraud (5) FRSC (1) Fulani herdsmen (1) Funke Akindele (14) Games (3) Germany (2) Gernot Rohr (6) Ghana (60) Glow TV (1) Godwin Obaseki (4) Gombe state (3) Goodluck Jonathan (1) Google (1) Government (21) Guardian Politics News (4535) Gulder Ultimate Search (1) Harry Maguire (1) Health (111) Herdsmen (1) HIV (3) Hollywood (1) Hope Uzodinma (2) Hushpuppi (2) ICT (4) Ideas (2) Igbo people (1) Imo State (1) Impact Wrestling (15) Independent National Electoral Commission (INEC) (9) India (2) Industries (11) Infinix (1) Inflations (3) Innovations (1) Insecurity (6) Instagram (11) Insurance (2) Inter Milan FC (1) Interview (2) Investments (7) Iphones (1) Israel (2) Italy (2) Jamb (2) Japan (2) Job Vacancies (423) Job Vacancy (416) Jobs (1) Jokes (2) José Mourinho (1) Joy prime (3) Juventus FC (2) Ka3na (1) Kaduna state (5) Kano state (12) Kanye West (6) Kelechi Iheanacho (6) Kenya (5) Kevin De Bruyne (1) Kevin Owens (1) Kiddwaya (3) Kidnapping (6) Kogi state (1) Kwara State (6) La Liga (2) Lagos state (35) Laycon (2) Lifestyle (3) Ligue 1 (2) Lionel Messi (4) Liverpool FC (5) Living (7) Loan (4) Los bastardos (6) Manchester City FC (3) Manchester United FC (11) Marketing (15) Markets (6) Marriage (41) MFM Daily Devotional (1) Mikel Arteta (1) Mining (1) Movies (12) Mr Eazi (2) MTN (7) Muhammadu Buhari (49) Musics (21) My heart knows (1) Naira (9) Naira Marley (3) Nasarawa state (6) Nasir Ahmad el-Rufai (2) National Assembly of the Federal Republic of Nigeria (NASS) (1) National Bureau of Statistics (NBS) (1) National Drug Law Enforcement Agency (NDLEA) (2) National Examination Council (NECO) (1) National Identity Management Commission (NIMC) (1) Natural disasters (2) NCDC (3) Nengi (3) Netflix (2) New Japan Pro-Wrestling (NJPW) (18) New Year (1) News (2863) Niger Delta (1) Nigeria (265) Nigeria Football Federation (NFF) (3) Nigeria Professional Football League (NPFL) (2) Nigeria Security and Civil Defence Corps (NSCDC) (2) Nigerian Idol (1) Nigerian National Petroleum Corporation (NNPC) (2) Nigerian Stock Exchange (NSE) (1) Nollywood (19) North Korea (2) NWA Power (4) Obi Cubana (21) Obituaries (2) Odion Ighalo (2) Ogun state (3) Oil & gas (19) Olamide (5) Olympics (3) Omah Lay (1) Omoyele Sowore (1) Once there was a king (1) Ondo State (1) Onua tv (9) Open Heavens (75) Osun State (7) Oyo state (3) Paystack (1) PDP (15) Peter Obi (3) Phones (2) Plateau State (6) Poland (1) Police (12) Polytechnics (8) Profiles (142) Programming (1) Rape (1) Real Madrid CF (3) Redeemed Christian Church of God (RCCG) (2) Relationship (11) Religion (12) Rema (1) Research (3) Ring of Honor Wrestling (7) Rotimi Akeredolu (1) Russia (5) S.S.C. Napoli (17) Samuel Chukwueze (1) Scholarship (3) Schools (20) Science & Tech (6) Security updates (2) SEO (1) Serie A (8) Series (4) Sex (9) Seyi Makinde (3) Shows (15) Simi (3) soccernet.ng (231) Social Media (15) Softwares (3) Sokoto state (2) South Africa (1) Spain (1) Starlife (85) Stella Damasus (2) stories (1112) Sunnewsonline (7814) Super eagles (128) Super Falcons (1) T. B. Joshua (2) Tacha (3) Teasers (12) Telecommunication (5) Teniola Apata (3) test (1505) Therealchelseafans (50) Thomas Tuchel (2) TikTok (2) Till Love Do us Apart (13) Timaya (4) Tiwa Savage (16) To die for love (3) Tochi (1) Tonto Dikeh (9) Tottenham Hotspur FC (2) Trading (8) Travel (4) Tunisia (7) Twist of Fate (1) Twitter (9) UEFA Champions League (2) UEFA Europa League (3) United Kingdom (UK) (11) United States of America (USA) (9) Universities (15) Valentine (24) Victor Osimhen (24) Vince McMahon (17) Visa (2) Waje (1) Water (8) West African Examinations Council (WAEC) (1) West Ham United FC (1) Wiki (139) Wilfred Ndidi (2) Wishes (2) Wizkid (14) World (2) Wrestling (603) Wrestling Headlines - WWE Raw Results (40) Wrestlingheadlines WWE News (2906) WWE (219) WWE 205 Live (3) WWE NXT (44) WWE Raw (14) WWE SmackDown (17) Yemi Osinbajo (7) Youths (5) YouTube (1) Yul Edochie (3) Zamfara State (5) Zeeworld (1)

Links: (0) (1) (2) (3) (4) (5) (6) (7) (8) (9)

Flowbaze.ng - Copyright © 2016 - Pedro Great. All rights reserved. See How To Advertise.
Disclaimer: Every member is solely responsible for anything that he/she posts or uploads on this Forum.