Stock Market Appreciates by N111bn on Demand for MTN Nigeria 

Kayode Tokede

The Nigerian stock market yesterday closed on a positive note with a gain of N111 billion amid investors’ demand for MTN Nigeria Communications Plc (MTNN) and 32 others.

As the stock price of MTN Nigeria Communications appreciated by 1.1 per cent, the Nigerian Exchange Limited All-Share Index (NGX ASI) gained 174.66 basis points, or 0.12 per cent to close at 143,239.23 basis points.  Consequently, the NGX ASI Month-to-Date and Year-to-Date returns settled at -7.1per cent and +39.2per cent, respectively.

Also, market capitalisation rose by N111 billion to close at N 91.107 trillion.

Sectoral performance was mixed as the NGX Insurance  gained 1.3per cent, NGX Consumer Goods Index added 0.1 per cent and NGX Banking appreciated by 0.1, while the NGX  Oil & Gas and Industrial Goods indices closed flat.

The market sentiment closed positive with 33 advancing stocks versus 20 declining counters. Ikeja Hotel and Linkage Assurance emerged the highest price gainer of 10 per cent each to close at N27.50 and N1.87 respectively, per share.

NCR Nigeria and Learn Africa followed with a gain of 9.96 per cent each to close at N54.65 and 5.74 respectively, while Union Dicon Salt advanced by 9.52 per cent to close at N6.90, per share.

On the other side, Champion Breweries led others on the losers’ chart with 9.85 per cent to close at N12.35, per share. Sterling Financial Holdings Company followed with a decline of 8.33 per cent to close at N7.15, while UPDC shed 8.23 per cent to close at N5.02, per share.

C&I Leasing declined by 4.83 per cent to close at N5.32, while Guinea Insurance down by 4.35 per cent to close at N1.10, per share.

Meanwhile, the total volume traded decreased by 56.04 per cent to 324.551 million units, valued at N13.051 billion, and exchanged in 18.328 deals. Transactions in the shares of Fidelity Bank led the activity with 32.200 million shares worth N615.142 million. United Bank for Africa (UBA) followed with account of 28.216 million shares valued at N1.023 billion, while Guaranty Trust Holding Company (GTCO) traded 26.196 million shares valued at N2.266 billion.

Zenith Bank traded 24.557 million shares worth N1.484 billion, while Access Holdings traded 14.442 million shares worth N302.011 million.