Stock Market Gains N837bn to Sustain Positive Momentum

The Nigerian stock market yesterday sustained its positive momentum with a gain of N837 billion, aided by investors renewed interest in MTN Nigeria Communications (MTNN) Plc and 34 others.

As a result, the Nigerian Exchange Limited All-Share Index (NGX ASI) gained 1,479.60 basis points or 1.45 per cent to close at 103,524.44 basis points. Also, market capitalisation rose by N837 billion to close at N58.533 trillion.

Consequently, the NGX ASI Month-to-Date and Year-to-Date returns rose to +3.5per cent and +38.5 per cent, respectively.

From a sectoral perspective, the NGX Banking added 5.4per cent, NGX Insurance rose by 1.2per cent, and NGX Oil & Gas appreciated by 0.1per cent, while the NGX Consumer Goods dropped by 0.5per cent. The NGX Industrial Goods index was unchanged.

As measured by market breadth, market sentiment was positive, as 35 stocks gained relative to 14 losers. UBA emerged the highest price gainer of 10 per cent to close at N25.30, per share.  MTNN followed with a gain of 9.98 per cent to close at N243.50, while Julius Berger rose by 9.71 per cent to close at N61.00, per share.

Access Holdings increased by 9.51 per cent to close at N22.45, while Veritas Kapital Assurance added 9.38 per cent to close at 70 kobo, per share. On the other side, Tantalizer led others on the losers’ chart with 7.89 per cent to close at 35 kobo, per share. NASCON Allied Industries followed with a decline of 6.77 per cent to close at N53.70, while Morison Industries shed 6.62 per cent to close at N1.41, per share.

C&I Leasing lost 6.45 per cent to close at N3.48, while Cutix depreciated by 6.30 per cent to close at N2.53, per share.

The total volume traded increased by 29.50 per cent to 565.788 million units, valued at N14.234 billion, and exchanged in 11,519 deals. Transactions in the shares of Transnational Corporation (Transcorp) led the activity with 170.718 million shares worth N3.135 billion. Access Holdings followed with account of 48.572 million shares valued at N1.059 billion, while Guaranty Trust Holding Company (GTCO) traded 39.035 million shares valued at N1.658 billion.

Jaiz Bank traded 36.784 million shares worth N72.514 million, while UBA traded 31.957 million shares worth N796.236 million.