Investors’ Interest in MTN, 22 Others Lift Stock Market by N441bn

Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) yesterday extended prior day’s bullish performance on investors’ renewed interest in MTN Nigeria Communications (MTNN) Plc and 22 others.

The NGX All Share Index (ASI) rose by 809.41 basis points or 1.51 per cent to close at 54,413.21 basis points. Accordingly, investors gained N441 billion in value as market capitalisation went up to N29.642 trillion.

Market breadth closed positive as 23 stocks posted gains while 10 declined. Oando recorded the highest price gain of 9.98 per cent to close at N5.40, per share. SUNU Assurance followed with a gain 9.09 per cent to close at 48 kobo, while MTNN rose by 8.89 per cent to close at N240.00, per share.

Consolidated Hallmark Insurance went up by 8.77 per cent to close at 62 kobo, while Royal Exchange appreciated by 8.70 per cent to close at 75 kobo, per share. On the other hand, PZ Cussons Nigeria led the losers’ chart by 5.88 per cent to close at N11.20, per share. Chams Holding Company followed with a decline of 4.17 per cent to close at 23 kobo, while Unilever Nigeria went down by 3.57 to close at N13.50, per share.

Japaul Gold & Ventures lost 3.45 per cent to close at 28 kobo, while AIICO Insurance shed 3.33 per cent to close at 58 kobo, per share.

The total volume traded increased by 312.4 per cent to 973.643 million shares, worth N4.227 billion, and traded in 3,718 deals. Transactions in the shares of Transnational Corporation (Transcorp) topped the activity chart with 455.534 million shares valued at N669.227 million. LivingTrust Mortgage Bank followed with 254.769 million shares worth N775.165 million, while Fidelity Bank traded 143.347 million shares valued at N746.823 million.

United Bank for Africa (UBA) traded 16.090 million shares valued at N128.720 million, while Zenith Bank transacted 14.039 million shares worth N363.996 million.

On market outlook, GTI Securities Limited said “even as quoted companies continue to disclose their earnings and announce dividends, investors continue to be conservative and sway towards defensive stocks.”