Buying Interest in MTN Nigeria, 13 Others Lift Stock Market by N24.92bn

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The Nigeria equities market yesterday sustained prior day’s gains by N24.92 billion, due to buying interest in MTN Nigeria Communications (MTN) and 13 others.

At the close of trade, the Nigerian Exchange Limited (NGX) All Share Index (ASI) increased by 47.84 basis points, representing a growth of 0.12 per cent to close at 38,968.34 basis points. Similarly, the market capitalisation gained N24.92 billion to close at N20.303 trillion.

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

However, the market breadth closed negative, recording 18 losers as against 14 gainers. UPDC recorded the highest price gain of 9.64 per cent, to close at N1.82, per share.

NNFM followed with a gain 9.59 per cent to close at N8.00, while Oando appreciated by 6.21 per cent to close at N4.62, per share.

Learn Africa went up 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 by 10 per cent to close at N4.50, per share. Consolidated Hallmark Insurance followed with a decline of 9.43 per cent to close at 48 kobo, while Prestige Assurance shed 8.33 per cent to close at 44 kobo, 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, respectively.

The total volume traded declined by 38.1 per cent to 141.408 million shares, worth N2.973 billion, and traded in 3,079 deals. Transactions in the shares of Universal Insurance topped the activity chart with 17.987 million shares valued at N3.597 million. Zenith Bank followed with 9.712 million shares worth N229.356 million, while United Capital traded 9.342 million shares valued at N76.221 million.

Transnational Corporation of Nigeria (Transcorp) traded 9.083 million shares valued at N8.286 million, while Access Bank transacted 9.024 million shares worth N83.788 million.

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

According to analysts at Investment One research: “The equities market closed up today due to the gains recorded in MTNN (+1.45per cent) .

“Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space.

“We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”


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