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Bargain hunting in MTN Nigeria, other stocks lift Nigeria’s equity market by 0.49%

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By Ifeyinwa Ezeokoli

The domestic equities market kicked off this week on a bullish note following bargain-hunting at top telecommunications player MTN Nigeria Communications (MTNN) and other major stocks.

Precisely, the All-Share Index inched higher by 250.75 points, or 0.49 percent, to close at 51,606.49.

Accordingly, the month-to-date and year-to-date returns settled at -4.8 percent and +0.7 percent, respectively.

Also, the market capitalization gained N137 billion to close at N28.100 trillion.

The market gain was driven by price appreciation in large and medium-capitalized stocks, amongst which are MTNN, Stanbic IBTC Holdings, Unilever Nigeria, Berger Paints, and Access Holdings.

This week, United Capital Plc said “we expect bullish sentiments to resurface as investors look to take advantage of fundamentally sound stocks with low pricing, with Q1 2023 earnings season already underway. However, we see room for pockets of profit-taking activities.”

As measured by market breadth, market sentiment closed positive with 33 stocks relative to nine losers.

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Japaul Gold & Ventures led the gainers’ chart in percentage terms by 10 percent to close at 33k per share.

Honeywell Flour Mills followed with 9.91 percent to close at N2.55, while Berger Paints gained 9.87 percent to close at N8.35 per share.

Transcorp rose by 9.80 percent to close at N2.69 per share, while Ikeja Hotel appreciated by 9.35 percent to close at N1.52 per share.

On the other hand, Wapic Insurance led the losers’ chart in percentage terms by 7.32 percent to close at 38k per share.

Nigerian Exchange Group followed with 4.89 percent to close at N25.30, while RT Briscoe declined by four percent to close at 24k per share.

AIICO Insurance shed 3.64 percent to close at 53k, while Royal Exchange dipped by 3.17 percent to close at 61k per share.

The total volume of trades increased by 247.90 percent to 2.09 billion units valued at N8.85 billion exchanged in 6,404 deals.

Transcorp topped the activity chart with 1.660 billion shares valued at N4.09 billion.

Access Holdings followed with 217.42 million shares worth N2.31 billion, while Fidelity Bank traded 30.71 million shares valued at N175.79 million.

Zenith Bank traded 27.55 million shares valued at N608.81 million, while United Bank for Africa transacted 18.21 million shares worth N143.60 million.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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