Gains in MTNN lift stock market to N136bn

By Philemon Adedeji

At the Nigerian Exchange Limited (NGX), the Nigerian equities market opened the week very strong, the market’s performance was primarily driven by demand in telco heavyweight MTNN which lifted stock market to N136 billion, alongside ZENITH BANK (+0.46 per cent), WAPCO Insurance and STANBIC IBTC.

The NGX All Share Index (ASI) closed appreciated by 250.75 basis points 0.49 per cent to close at 51,606.49 points from 51,355.74 index points it closed for the last trading day.

As a result, the ASI year-to-date (YTD) return rose to 0.69 per cent, while the market capitalisation gained N136.54 billion to close at N28.10 trillion from 27.963 trillion it closed trade on Thursday.

Yesterday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 75.08 per cent.

Transnational corporation  led the volume and  value charts with 1.66 billion units traded in deals worth N4.09 billion.

The trade volume increased largely by 248 per cent to 2,090,120,673 million shares worth N8.848 billion were exchanged in 6,404 deals.

The market sentiments as measured by market breadth closed positive as Japaulgold led 33 gainers on the leaders chart, while Wapic insurance led nine losers on the laggards logs.

On the price movement table, Japaulgold led as the highest price gainer which appreciated by 10.00 per cent to close at N0.33 per share, closely followed by Honey Flour which rose by 9.91 per cent to close at N2.55 per share, while Berger grew by 9.87 per cent to close at N8.35 per share.

Transnational Corporation which recorded as the last fourth gainer went up by 9.80 per cent to close at N2.69 per share, while Ikeja Hotel which recorded as the last fifth gainer rose by 9.35 per cent to close at N1.52 per share.

On the price losers table, Wapic Insurance led as the highest price loser which depreciated by 4.89 per cent to close at N25.30 per share, closely followed by NGXGROUP which dipped by 4.00 per cent to close at N0.24 per share, while RTBRISCOE went down by 3.64 per cent to close at N0.53 per share.

AIICO Insurance which recorded as the last fourth loser suffered 3.17 per cent to close at N0.61 per share, Royal Exchange which recorded as the last fifth loser dropped by 2.93 per cent to close at N5. 63 per share.

Transaction in the shares of Transnational Corporation topped the activities chart with 1.659 billion shares valued at N4.092billion, Access Corporation which followed transacted 217.418 million shares worth N2.313 billion, while Fidelity Bank exchanged 30.705 million shares valued at N175.788 million.

Zenith Bank accounted 27.553 million shares worth N608.808 million, while United Bank for Africa traded 18.212 million shares value at N143.600 million.

Zenith Bank traded 27.553 million shares.