Nigerian stock market sustains growth by N217bn on MTN’s gain

Sentiments remained positive in the domestic stock market on Wednesday with a growth of N217 billion arising from price rally recorded by MTN Nigeria Communications (MTNN) and 19 other stocks.

Specifically, the market capitalisation inched higher by N217 billion or 0.99 per cent to close at N22.142 trillion from N21.925 trillion on Tuesday.

The All-Share Index rose by 417.14 points or 0.99 per cent to close at 42,435.16 against 42,018.02 recorded on Tuesday.

Consequently, the month-to-date loss moderated to 1.9 per cent, while the year-to-date gain increased by 5.4 per cent.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are: Seplat Energy, MTN (Nigeria), Dangote Sugar Refinery, Lafarge Africa and United Bank for Africa (UBA).

Market breadth was positive with 20 stocks against 11 losers.

LivingTrust Mortgage Bank topped the gainers’ chart in percentage terms by 9.09 per cent to close at 96k per share.

Meyer followed with 7.69 per cent to close at 28k, while AXA Mansard Insurance went up by 7.25 per cent to close at N2.22 per share.

Dangote Sugar Refinery rose by 6.67 per cent to close at N16, while Honeywell Flour Mills appreciated by 6.51 per cent to close at N3.60 per share.

Conversely, Cutix led the losers’ chart in percentage terms by 9.69 per cent to close at N2.61 per share.

Royal Exchange followed with 8.06 per cent loss to close at 57k, while Mutual Benefits Assurance declined by 7.69 per cent to close at 24k per share.

Sovereign Trust Insurance shed 4.17 per cent to close at 23k, while Nigerian Aviation Handling Company depreciated by 2.51 per cent to close at N3.50 per share.

Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 441.93 million shares valued at N5.04 billion.

Sterling Bank followed with 64.43 million shares worth N95.94 million, while Guaranty Trust Holding Company (GTCO) traded 20.67 million shares valued at N501.36 million.

UBA sold 14.73 million shares valued at N115.95 million, while Access Bank transacted 12.30 million shares worth N110.59 million.

In all, the total volume of trades increased by 1.6 per cent to per cent to 649.77 million units valued at N7.20 billion exchanged in 3,757 deals.

This is against a turnover of 639.44 million shares worth N6.63 billion transacted in 4,564 deals on Tuesday.