Gain in MTNN lifts market capitalisation to N80bn


By Philemon Adedeji

Equities market on the Nigerian Exchange Limited (NGX) opened the week by extending from gains recorded last week as the benchmark All-Share Index (ASI) appreciated by 154.65 basis points to represent 0.29 per cent increased higher to close at 54,367.74 index points from 54,213.09 index points. Sustained interests in telco heavyweight, MTNN (+1.88 per cent) buoyed the markets performance.

Respectively, the year-to-date (YTD) return rose to 6.08 per cent, while market capitalisation gained N80.7 billion to close at N29.612 trillion.

The upturn performance was driven by gains recorded in medium and large capitalised stocks which are MTNN, Sovereign Insurance, Linkages Assurance and 13 others.

Yesterday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 103.82 per cent.

Guaranty Trust Holding Company led the volume and value charts with 50.585 units traded in deals worth N1.27 billion.

The trade volume increased to 191,636,475 million shares valued at N4.798 billion were exchanged in 4,359 deals.

As measured by market breadth, market sentiments closed positive as 16 stocks dominated the gainers equals 16 stocks which dominated the losers.

On the performance table, Sovereign Insurance emerged as the highest price gainer which increased by 10.00 per cent to close at N0.33 per share, followed by Linkages Assurance rose significantly by 8.89 per cent to close at N0.49 per share, while International Energy Insurance appreciated by 8.08 per cent increased to close at N1.09 per share.

IMG which recorded as the last fourth gainer appreciated by 4.05 per cent increased to close at N8.05 per share.

Courtville Business Solution which recorded as the last fifth gainer grew by 4.08 per cent to close at N0.51 per share.

On the laggards logs, Mcnichols came as the most price loser with 8.96 per cent to close at N0.61 per share, Prestige Assurance which followed went down by 8.70 per cent to close at N0.42 per share, while FTNCOCOA processor which recorded as the last third loser depreciated by 6.06 per cent to close at N0.31 per share.

Japaulgold and Sunu Assurance lost 5.88 per cent each to close at N0.32 per share respectively.

Transactions in the shares of Guaranty Trust Holding company topped the activities chart with 50.585 million shares worth N1.270 , closely followed by Zenith Bank which transacted 18.016 million shares valued at N452.439 million, while Chams Plc traded 16.627 million shares worth N4.451 million.

United Bank of Africa traded 14.935 million shares valued at N125.389 million.

Transcorp Plc traded 14.171 million shares worth N18.789 million.