NGX Pulls Back after Hot Inflation Rate Reading

NGX Pulls Back after Hot Inflation Rate Reading


NGX Pulls Back after Hot Inflation Rate Reading

The Nigerian Exchange (NGX) pulls back from further climbing on Tuesday after the hot inflation rate reading for the month of April was released by the National Bureau of Statistics.

Reacting to the headline inflation rate print of 16.82 per cent, the stock market recorded two days’ losses which saw year to date return moderated. Market data shows that the local bourse traded in a bear territory as sustained profit-taking in MTNN (-1.7%) drove the benchmark index lower.

Precisely, the Nigerian Exchange All-Share Index fell by 0.4% to 52,756.62 points. Consequently, the month-to-date and year-to-date returns moderated to +6.3% and +23.5%, respectively, Cordros Capital said in a market report.

The total volume of trades increased by 253.8% to 1.32 billion units, valued at N7.72 billion, and exchanged in 6,449 deals. FCMB was the most traded stock by volume and value at 775.09 million units and N2.96 billion, respectively.

Performance across Cordros Capital sectoral coverage was broadly negative, as the Consumer Goods (-0.5%), Banking (-0.4%), Oil & Gas (-0.3%), and Insurance (-0.2%) indices printed losses, while the Industrial Goods (+0.1%) indices closed higher.

As measured by market breadth, market sentiment was negative (0.8x), as 26 tickers lost relative to 20 gainers. FLOURMILL (-9.2%) and GLAXOSMITH (-8.4%) topped the losers’ list, while PZ (+10.0%) and BERGER (+9.7%) recorded the most significant gains of the day. # NGX Pulls Back after Hot Inflation Rate Reading

READ: FOREX: Dollar Jumps after Fed Pulls Interest Rate Hikes into 2023

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