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Nigeria’s stock adds N100 bln to cap as bargain hunters mop up MTN shares

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By Ifeyinwa Ezeokoli 
The domestic stock market on Tuesday sustained the bullish momentum adding N100 billion to the capitalisation, following bargain hunting in MTN Nigeria Communications (MTNN) and 14 other companies.
Specifically, the overall market capitalisation gained N100 billion to close at N28.719 trillion. 
Also, the All-Share Index (ASI) grew by 184.42 points, representing a growth of 0.35 per cent to close at 53,270.88 points. 
Accordingly, the month-to-date and year-to-date returns increased to 0.5 per cent and 24.7 per cent, respectively.
The market upturn was driven by price appreciation in large and medium capitalised stocks among which are; MTNN, UACN, GlaxoSmithKline Consumer, Global Spectrum Energy Services and Nigerian Exchange Group (NGXGroup).
Analysts at GTI Securities Limited said “The stock market closed positively, as bargain hunting was seen in all the major sectors. We expect cautious trading to continue.”
As measured by market breadth, market sentiment was positive with 16 gainers against 15 losers. 
Global Spectrum Energy Services recorded the highest price gain of 10 per cent to close at N2.75 per share. 
Jaiz Bank followed with a gain 7.95 per cent to close at 95 kobo, while Japaul Gold and Ventures went up by 6.67 per cent to close at 32k per share. 
Glaxosmith rose by 5.11 per cent to close at N7.20, while UACN gained 4.55 per cent to close at N11.50 per share.
On the other hand, Cutix led the losers’ chart by 10 per cent to close at N2.61 per share. 
Cadbury followed with a decline of 5.93 per cent to close at N16.65, while FTN Cocoa processors lost 5.56 per cent to close at 34k per share. 
Wapic Insurance lost 4.76 per cent to close at N7.20, while Honeywell Flour Mill shed 4.55 per cent to close at N3.15 per share.
Meanwhile, the total volume of trades dipped by 68.95 per cent to 234.62 million shares valued at N2.75 billion traded in 4,232 deals. 
Transactions in the shares of Transcorp topped the activity chart with 30.43 million shares valued at N37.21 million. 
United Bank for Africa followed with 25.80 million shares worth N201.34 million, while Chams traded 20.53 million shares valued at N4.93 million.
NGXGroup traded 18.53 million shares valued at N459.96 million, while Fidelity Bank transacted 17.51 million shares worth N59.35 million.

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