Gains in MTN Nigeria lift stock market to N37.40trn
By Philemon Adedeji
Equities market on the Nigeria Exchange Limited (NGX) extended gains for the fourth consecutive session primarily driven by gains recorded in index heavyweights, MTN Telecommunication Nigeria (+0.04 per cent), BUAFOODS (+2.78 per cent) alongside, United Bank for Africa (UBA) (+0.66 per cent) outweighed losses in NESTLE Nigeria (-0.91per cent), ZENITH BANK (-0.27 per cent) and Guaranty Trust Holding Company (GTCO) (-2.47 per cent) keeping the market in the positive terrain.
The NGX All-Share Index (ASI) inched weight by 55.54 basis points or 0.08 per cent to close at 68,334.68 index points from 68,279.24 index points it close trade on Monday.
As a result, the ASI’s year-to-date (YTD) return increased to 33.33 per cent, while the market capitalisation gained N30.40 billion to close at N37.40 trillion.
The market upturn performance was impacted by price appreciation in medium and large capitalised stocks which includes, MTN Nigeria, Buafoods, Sunu Assurance, Multiverse and Mining Evaporation, Omatek Venture and 24 others.
Analysis of yesterday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 21.70 per cent
A total of 557.85 million units worth N10.21 billion were exchanged in 9,818 deals.
United Bank for Africa (UBA) (+0.66 per cent) led the volume chart with 63.32 million units traded while Guaranty Trust Holding Company (GTCO) (-2.47 per cent) led the value chart in deals worth N1.53 billion.
Market breadth closed negative as 30 stocks gained relative to 31 stocks that lost.
On the price movement table, Betaglas, Sunu Assurance, Multiverse and Mining Evaporation and Omatek Venture gained 10.00 per cent each increased to close at N42.90, N0.88, N2.97, N0.55 per share respectively.
On the laggards logs, NSLtech emerged as the highest price loser which depreciated by 10.00 per cent to close at N1.53 per share, closely followed by Sunu Assurance which dipped by 9.80 per cent to close at N1.18 per share, while Ikeja Hotel suffered 9.68 per cent to close at N4.85 per share.
Johnholt which recorded as the last fourth loser shed 9.03 per cent to close at N6.59 per share, while Neimeth Pharmaceutical Industry went down by 8.93 per cent to close at N1.22 per share.
