Nigerian stock market reverses gain with N1.62tn in losses after CBN holds interest rate

Investors successful Nigerian Exchange Limited recorded a monolithic N1.62 trillion nonaccomplishment on Wednesday as equities reversed Tuesday’s gain.

The losses came aft the Central Bank of Nigeria announced holding the interest complaint astatine 26.50 percent astatine the extremity of its 305th Monetary Policy Committee. 

Consequently, marketplace capitalization successful NGX declined by 1.02 percent, oregon N1.619 trillion, to adjacent astatine N159.660 trillion from N161.279 trillion successful the erstwhile session.

Similarly, the All-Share Index dropped by 2,573.05 points, besides representing a 1.02 percent loss, to settee astatine 249,062.37 compared with 251,635.42 recorded earlier.

The downturn weakened the year-to-date instrumentality to 60.05 percent.

However, marketplace breadth closed affirmative with 41 gainers against 25 losers.

On the gainers chart, Zichis Agro Allied Industries and ABC Transport led by 9.99 percent each, settling astatine N32.04 and N8.26 per share, respectively.

Also, Ja Paul Gold accrued by 9.95 percent, ending the league astatine N4.09; Livingtrust Mortgage Bank accrued by 9.92 percent, closing astatine N4.21; portion FTN Cocoa Processors gained by 9.91 percent, finishing astatine N10.76 per share.

On the flip side, BUA Cement led the lo...