Investors’ Interest in MTN Lift Market Cap by N174bn

Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) yesterday continued its rally for the second consecutive trading as market capitalisation advanced by N174 billion on investors buying interest in MTN Nigeria Communications (MTNN) and 34 others.

With the gains in telco heavyweight, MTN Nigeria Communication (2.33per cent) as well as Tier-1 banking names, Zenith Bank (2.87per cent), Guaranty Trust Holding Company (2.08per cent) and FBN Holdings Plc (2.22per cent), the overall market capitalisation value gained N174 billion to close at N28.350 trillion from N28.176 trillion it opened for trading.

Consequently, the NGX All Share Index (ASI) rose by 318.98basis points or 0.62 per cent to close at 52,048.85 points from 51,729.87 basis points it opened for trading.

Investor sentiment, as measured by market breadth improved as 35 stocks advanced, while nine declined. Ellah Lakes and Lasaco Assurance recorded the highest price gain of 10 per cent each to close at N3.96 and N1.10 respectively, while International Breweries followed with a gain 8.60 per cent to close at N5.05, per share.

Dangote Sugar Refinery went up by 7.19 per cent to close at N17.15,  while SUNU Assurance appreciated by 6.90 per cent to close at 31 kobo, per share.

On the other hand, Abbey Mortgage Bank led the losers’ chart by 10 per cent to close at N1.53, per share. Chellarams followed with a decline of 9.76 per cent to close at N1.48, while FTN Cocoa processors declined by 3.57 per cent to close at 27 kobo, per share.

Nigerian Aviation Handling Company (NAHCO) depreciated by 3.55 per cent  to close at N6.80, while Royal Exchange  declined by 2.00 per cent to close at 98 kobo,  per share.

However, the total volume of trades decreased by 24.9 per cent to 211.743 million units, valued at N7.725 billion, and exchanged in 3,462 deals. 

Transactions in the shares of AXA Mansard Insurance topped the activity chart with 26.252 million shares valued at N52.511 million. Guaranty Trust Holding Company (GTCO) followed with 19.808 million shares worth N476.889 million, while Chams traded 17.906 million shares valued at N4.447 million.

Royal Exchange traded 14.207 million shares valued at N13.379 million, while FBN Holdings (FBNH) transacted 11.824 million shares worth N131.375 million.