Buying interest in MTN Nigeria, 17 Others Lift Stock Market by N17bn

Kayode Tokede

The stock market of The Nigerian Exchange Limited (NGX) yesterday reversed its two-day consecutive decline and traded positively, as investors’ buying interest in MTN Nigeria Communications (MTNN) and 17 others drove the capitalisation higher by N13 billion.

The NGX All Share Index (ASI) rose by 23.60 basis  points or 0.05 per cent to close at  47,364.46 points, while the overall market capitalisation value gained N13 billion to close at N25.527 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Okomu Oil, Nigerian Exchange Group (NGXGroup), PZ Cussons Nigeria, MTN Nigeria Communications (MTNN) and UAC of Nigeria (UACN).

Market sentiment, as measured by market breadth was positive as 18 stocks gained, relative to 17 losers.  NPF Microfinance Bank recorded the highest price gain of 10 per cent  to close at N2.31, per share. PZ Cussons Nigeria followed with a gain 9.79 per cent to close at N7.85, while AIICO Insurance rose by 6.15 per cent to close at 69 kobo, per share.

Unity Bank rose by 4.17 per cent to close at 50 kobo,  while NGX Group appreciated by 4.02 per cent to close at N23.30, per share. On the other hand, Royal Exchange led the losers’ chart by 9.73 per cent to close at N1.02, per share. Livestock Feeds followed with a decline of 9.71 per cent to close at N1.58, while Industrial and Medical Gases Nigeria depreciated by 9.47 per cent  to close at N8.60, per share.

Chams declined by 8.70 per cent to close at 21 kobo, while Red Star Express depreciated by 4.69 per cent to close at N3.05, per share.

Meanwhile, the total volume of trades declined by 20.42 per cent to 145.832 million units, valued at N2.535 billion, and exchanged in 4,113 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 14.759 million shares valued at N125.882 million. Access Bank followed with 10.283 million shares worth N107.055 million, while Zenith Bank traded 10.031 million shares valued at N266.096 million.

Guaranty Trust Holding Company traded 9.120 million shares valued at N239.228 million, while Ecobank Transnational Incorporated (ETI) transacted 9.087 million shares worth N108.733 million.

Analysts at InvestmentOne Research in a statement said: “The equities market closed in green territory today due to the gain recorded in the Consumer Goods sector.  

“Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space.

“We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”