Investors Interest in MTN Nigeria Lifts Stock Market by N33bn

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The stock market  of the Nigerian Exchange Limited (NGX) yesterday rebounded as the market capitalisation  appreciated by N33billionn, ending two-day investors profit-taking.

Unlike in the past two trading sessions, performance in the domestic stock market was positive following renewed interest in top telecommunication player, MTN Nigeria Communications (MTNN).

Precisely, the All-Share Index inched higher by 61.39 basis points or 0.13 per cent  to close at 46,904.48 points, while the overall market capitalisation value gained N33 billion to close at N25.279 trillion.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; MTNN, Eterna, Ardova, Ecobank Transnational Incorporated (ETI) and Ikeja Hotel.

As measured by market breadth, market sentiment was positive as 16 stocks gained relative to 15 losers.

Cornerstone Insurance and Ikeja Hotel recorded the highest price gain of 10 per cent each to close at 66 kobo and N1.32 respectively, while Eterna followed with a gain 9.82 per cent to close at N5.48, per share.

Meyer Plc rose by 9.09 per cent each to close at 60 kobo, while Chams appreciated by five per cent to close at 21 kobo, per share.

On the other hand, Cadbury Nigeria led the losers’ chart by 6.67 per cent, to close at N8.40, per share. Japaul Gold and Ventures  followed with a decline of 5.88 per cent to close at 32 kobo, while PZ Cussons Nigeria declined by 5.36 per cent to close at N10.60, per share.

Royal Exchange shed 5.22 per cent to close at N1.09, while Wapic Insurance and Multiverse Mining and Exploration depreciated by 4.17 per cent each to close at 46 kobo and 23 kobo respectively, per share.

However, the total volume traded declined by 6.1 per cent to 201.280 million units, valued at N2.621 billion, and exchanged in 4,017 deals. Transactions in the shares of ETI topped the activity chart with 61.893 million shares valued at N742.034 million. Access Holdings followed with 29.473 million shares worth N294.919 million, while Zenith Bank traded 15.836 million shares valued at N361.80 million.

Fidelity Bank traded 11.373 million shares valued at N35.637 million, while Transnational Corporation of Nigeria (Transcorp) transacted 9.840 million shares worth N9.806 million.

Analysts at GTI Securities Limited stated that : “The market recovered slightly yesterday after two days of losses. As Inflationary pressures persist, investors appear indecisive in their trading activities and might tend to tilt towards the fixed income market as yields rise. We expect to witness mixed sentiment in the coming trading days.”

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