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MTN stock rally 2nd consecutive day on CBN licence for Momo PSB, lift NGX index

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By Ifeyinwa Ezeokoli 

Trading on the Nigerian equities market extended a positive trend maintaining a three-day bullish trajectory with the market extending growth by N182 billion.

Gain in the shares of MTN Nigeria, which announced to the market on Monday the approval of the Central Bank of Nigeria (CBN) for its subsidiary Momo PSB to commence operation as a payment service firm, drive up the market index.

Specifically, the market capitalisation inched higher by N181 billion to close at N25.449 trillion.

Also, the All-Share Index (ASI) rose by 337.08 or 0.72 per cent to close at 47,205.03.

Consequently, the month-to-date and year-to-date returns increased to 0.5 per cent and 10.5 per cent, respectively.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; SEPLAT Energy, Nigerian Breweries, MTN Nigeria Communications (MTNN), Chemical Allied Products (CAP) and Zenith Bank.

Looking ahead to the rest of the week, United Capital Plc said “We expect continued bargain hunting, but we reiterate that the broader equities market remains on a bearish trajectory.

“The recent bullish momentum is a short-term reversal and absence of any underlying positive trigger will likely see the rebound short-lived.”

Market sentiment was positive with 30 stocks gainers in relative to 17 losers.

CAP drove the gainers’ chart in percentage terms by 10 per cent to close at N19.80 per share.

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Neimeth International Pharmaceuticals followed with a gain 9.86 per cent to close at N1.56 per share.

Berger Paints Nigeria and Meyer rose by 9.68 per cent each to close at N6.80 and N1.36, per share respectively.

Learn Africa appreciated by 9.52 per cent to close at N2.07 per share.

On the other hand, Academy Press led the losers’ chart in percentage terms by 10 per cent to close at N1.44 per share.

Caverton Offshore Support Group followed with a decline of 9.92 per cent to close at N1.18, while Royal Exchange depreciated by 9.62 per cent  to close at 94k per share.

Linkage Assurance declined by 7.55 per cent to close at 49k, while Prestige Assurance depreciated by 6.98 per cent to close at 40k per share.

Also, the total volume of trades increased by 9.3 per cent to 245.42 million units valued at N4.58 billion exchanged in 5,832 deals.

Transactions in the shares of Guaranty Trust Holding Company topped the activity chart with 39.09 million shares valued at N908.93 million.

Zenith Bank followed with 27.21 million shares worth N674.266 million, while Nigerian Breweries traded 15.50 million shares valued at N622.92 million.

Fidelity Bank traded 10.99 million shares valued at N40.840 million, while Linkage Assurance transacted 10.826 million shares worth N5.42 million.

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