Equities market extends growth by N25bn on MTN Nigeria gain

The Nigerian stock market extended positive growth on Wednesday by N25 billion due to buying interest in MTN Nigeria Communications (MTNN) and 13 others.

Specifically, the market capitalisation which opened at N20.278 trillion inched higher by N25 billion or 0.12 per cent to close at N20.303 trillion.

Also, the All-Share Index rose by 47.84 points or 0.12 per cent to close at 38,968.34 against 38,920.50 recorded on Tuesday.

Accordingly, month-to-date and year-to-date losses moderated to 0.6 per cent and 3.2 per cent, respectively.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; MTNN, Northern Nigeria Flour Mills, Oando, Guaranty Trust Holding Company and UACN Property Development Company.

On market outlook, analysts at Afrinvest Ltd said that, “In the next trading session, we expect the bullish performance to be extended on the back of bargain hunting activities in the market.”

However, the market breadth closed negative with 18 losers as against 14 gainers.

UPDC led the gainers’ chart in percentage terms by 9.64 per cent to close at N1.82 per share.

NNFM followed with 9.59 per cent to close at N8, while Oando appreciated by 6.21 per cent to close at N4.62 per share.

Learn Africa increased by 5.88 per cent to close at N1.44, while Honeywell Flour Mills appreciated by 3.83 per cent to close at N4.07 per share.

On the other hand, Transcorp Hotels led the losers’ chart in percentage terms by 10 per cent to close at N4.50 per share.

Consolidated Hallmark Insurance followed with 9.43 per cent to close at 48k, while Prestige Assurance shed 8.33 per cent to close at 44k per share.

Champion Breweries shed 8.17 per cent to close at N1.91, while Lasaco Assurance depreciated by 7.69 per cent to close at N1.20 per share.

The total volume traded declined by 38.11 per cent with an exchange of 141.41 million shares worth N2.97 billion traded in 3,079 deals.

This was against a total of 228.48 million shares valued at N1.88 billion traded in 3,376 deals on Tuesday.

Transactions in the shares of Universal Insurance topped the activity chart with 17.99 million shares valued at N3.597 million.

Zenith Bank followed with 9.71 million shares worth N229.36 million, while United Capital traded 9.34 million shares valued at N76.22 million.

Transcorp sold 9.08 million shares worth N8.29 million, while Access Bank transacted 9.02 million shares worth N83.79 million.