The nation’s equities market suffered its first weekly loss in 2020 as the impact of the CBN’s hike in the Cash Reserve Ratio (CRR) by 500bps to 27.5 per cent spurred sell-off in banking stocks. Consequently, the All-Share Index and market capitalisation of the Nigerian Stock Exchange (NSE) depreciated by 2.65 per cent to close the week at 28,843.53 points and N14.857 trillion respectively. The consumer goods followed with 137.115 million shares worth N3.177billion in 2,908 deals. The third place was ICT industry, with a turnover of 94.464 million shares worth N6.554 billion in 894 deals. Also, 17 equities appreciated in price during the week, lower than 32 equities in the previous week and 44 equities depreciated in price, higher than 28 equities in the previous week, while 102 equities remained unchanged, lower than 103 equities recorded in the preceding week.

Source: The Guardian February 03, 2020 04:30 UTC