The National Bureau of Statistics cited food supply chain disruptions, escalating energy costs and spikes in import costs resulting from currency depreciations as triggers, leaving interest rate-setters with difficult choices when the monetary policy committee meets next week.
Liquidity has been a worry for weeks, worsening further as volume shrank by 45 per cent, while turnover dropped 53 per cent. “Elevated money market rates, pre-election jitters and dwindling corporate performance will likely keep investors’ interest at bay,” they added., an indicator of investors’ sentiment towards trade, closed positive as 15 gainers emerged, relative to 13 losers. The remaining 79 stocks that traded on Tuesday recorded no price movement.
FBN Holdings was the most active stock, trading 11.4 million shares worth N124.2 million traded in 185 deals. Transcorp’s shares of 11.3 million units priced at N12.3 million exchanged hands in 62 transactions.