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HomeBusinessNigeria's bourse rises marginally on buying interest in MTN

Nigeria’s bourse rises marginally on buying interest in MTN

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By Ifeyinwa Ezeokoli 


The nation’s bourse on Wednesday reversed its two-day consecutive brearish mood following buying interest in MTN Nigeria Communications (MTNN) and 17 others stocks.


Accordingly, the All-Share Index rose by 23.60 points or 0.05 percent to close at  47,364.46 from  47,340.86 on Tuesday.

Consequently, the month-to-date return settled at -0.1 per cent , while the year-to-date return increased to +10.9 per cent.

 In the same vein, the market capitalisation rose by N13 billion to close at N25.527 trillion from N25.514 trillion on Tuesday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Okomu Oil, Nigerian Exchange Group (NGXGroup), PZ Cussons, MTNN and UACN.

Analysts at Afrinvest Limited said that “In the next trading session, we anticipate a sustained positive performance on improved investor sentiment.”

Market sentiment, as measured by market breadth was positive with 18 stocks gainers in relative to 17 losers. 

NPF Microfinance Bank dominated the gainers’ chart in percentage terms with 10 per cent  to close at N2.31 per share. 

PZ Cussons followed with 9.79 per cent to close at N7.85, while AIICO Insurance rose by 6.15 per cent to close at 69k per share.

Unity Bank rose by 4.17 per cent to close at 50k,  while NGX Group appreciated by 4.02 per cent to close at N23.30 per share.

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On the other hand, Royal Exchange led the losers’ chart in percentage terms by 9.73 per cent to close at N1.02 per share. 

Livestock Feeds trailed by 9.71 per cent to close at N1.58, while Industrial and Medical Gases depreciated by 9.47 per cent to close at N8.60 per share.

Chams declined by 8.70 per cent to close at 21k, while Red Star Express depreciated by 4.69 per cent to close at N3.05 per share.

Meanwhile, the total volume of trades declined by 20.42 per cent to 145.83 million units valued at N2.54 billion achieved  in 4,113 deals. 

This was in contrast with 183.26 million shares worth N2.48 billion exchanged in 3,779 deals on Tuesday.

Transactions in the shares of United Bank for Africa topped the activity chart with 14.76 million shares valued at N125.88 million. 

Access Bank followed with 10.28 million shares worth N107.06 million, while Zenith Bank traded 10.03 million shares valued at N266.09 million.

Guaranty Trust Holding Company traded 9.12 million shares valued at N239.23 million, while Ecobank Transnational Incorporated transacted 9.09 million shares worth N108.73 million.

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