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Nigeria bourse gains for 2-day in a row as MTN, UAC stocks rise

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By Ifeyinwa Ezeokoli
 
 
The local bourse on Thursday sustained its growth trajectory for a second consecutive day as demand for MTN Nigeria Plc stocks pushing up the main market index by 0.16 perceent.
 
Specifically, the All-Share Index inched higher by 76.89 points or 0.16 percent to close at 47,363.98 from 47,287.09 on Wednesday.
 
Accordingly, the month-to-date loss moderated to 0.1 per cent, while the year-to-date gain increased to 10.9 per cent.
 
Also, the market capitalisation which opened at N25.485 trillion rose by N41 billion to close at N25.526 trillion.
 
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Presco, Okomu Oil, MTN Nigeria Communications (MTNN), UAC of Nigeria and Nascon Allied Industries.
 
Analysts at GTI Securities Ltd said that “Activities on the stock market closed positively yesterday, maintaining the gain of the previous day, as investors’ respond to the continuous upheaval in oil prices and potential opportunities created by the on-going crisis. 
 
We expect these changes to affect stocks adversely especially the oil & gas sectors.” 
 
R.T. Briscoe Nigeria and UACN led the gainers’ chart in percentage terms with 9.84 per cent each to close at 67k and N10.05 per share, respectively.
 
Oando followed with a gain 8.83 per cent to close at N5.30 per share.
 
 
Presco rose by 8.74 per cent to close at N125,  while Neimeth appreciated by 7.27 percent to close at N1.77 per share. 
 
On the other hand, Royal Exchange led the losers’ chart in percentage terms by 9.46 percent to close at N1.34 per share. 
 
Associated Bus Company followed with 8.57 percent to close at 32k, while May & Baker depreciated by 6.31 per cent  to close at N4.60 per share.
 
Transcorp declined by 5.22 per cent to close at N1.09, while Courteville Business Solutions depreciated by 4.92 per cent to close at 58k per share.
 
Meanwhile, the total volume of trades declined by 22.23 percent to 261.56 million units valued at N4.48 billion exchanged in 4,672 deals. 
 
This was against 336.31 million shares worth N5.86 billion trades achieved in 5,248 deals on Wednesday.
 
Transactions in the shares of Cutix topped the activity chart with 31.79 million shares valued at N75.68 million. 
 
Access Bank followed with 15.35 million shares worth N155.51 million, while FCMB Group traded 15.13 million shares valued at N50.99 million.
 
Fidelity Bank traded 14.93 million shares worth N44.09 million, while Zenith Bank transacted 14.31 million shares worth N379.82 million.

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