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HomeBusinessRally in shares of MTN Nigeria, Zenith lifts NGX index by 0.51%

Rally in shares of MTN Nigeria, Zenith lifts NGX index by 0.51%

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By Ifeyinwa Ezeokoli 

Trading activities in the domestic bourse resumed for the week on Monday on a positive note, supported by investors’ demand for the shares of MTNN and Zenith Bank.

The All Share Index increased by 0.51 per cent to close at 46,867.95 compared with 46,631.46 points achieved on Friday.

The market cap of equities listed on the NGX increased to N25.267 trillion from N25.139 trillion as of the previous close.

News that the Central Bank of Nigeria (CBN) granted final approval for Momo PSB, MTN Nigeria subsidiary to operate a payment service firm spurred demand for the stock of the telecom firm, leading to  1.27 per cent gain in its shares with N1.3 billion worth of shares of the firm exchanged hands.

The total volume traded closed with an exchange of 224.644 million units valued at N3.82 billion traded in 5,946 deals. The market breadth was positive with 32 gainers as against 13 losers.

Market turnover closed with a traded volume of 154.58 million units.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; MTNN, Zenith Bank, UACN, Lafarge Africa and United Capital.

Accordingly, the month-to-date loss moderated to 0.2 per cent, while the year-to-date gain increased to 9.7 per cent.

On market performance, GTI Securities Limited said that “stock market activities began the week bullish, as bargain hunting in large and medium capitalised stocks prevailed.

“However, we expect to witness mixed sentiment in the coming days as investors continue to monitor economic trends.”

Nigerian Aviation Handling Company (NAHCO) topped the gainers’ chart in percentage terms by10 per cent to close at N5.50 per share. 

READ ALSO: Nigeria recovers N5.2 bln debt from MDAs, Ministries

UACN followed with 9.90 per cent to close at N11.10, while Meyer Plc rose by 9.73 per cent to close at N1.24 per share.

Royal Exchange went up by 9.47 per cent to close at N1.04, while Learn Africa appreciated by 9.25 per cent to close at N1.89 per share. 

On the other hand, Academy Press led the losers’ chart in percentage terms by 9.60 per cent to close at N1.60 per share.

Mutual Benefits Assurance followed with 7.69 per cent to close at 24k, while Japaul Gold and Ventures depreciated by 5.88 per cent to close at 32k per share.

Multiverse Mining and Exploration declined by 5.88 per cent to close at 32k, while Prestige Assurance depreciated by 4.44 per cent to close at 43k per share.

The total volume of trades increased by 45.8 per cent to 224.64 million units valued at N3.82 billion exchanged in 5,946 deals. 

This was against 154.12 million shares worth N1.75 billion traded on Friday.

Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 43.25 million shares valued at N994.25 million. 

Zenith Bank followed with 31.13 million shares worth N740.25 million, while Sterling Bank traded 23.42 million shares valued at N35.12 million.

Fidelity Bank traded 13.84 million shares valued at N51.19 million, while Access Holdings transacted 12.38 million shares worth N124.74 million.

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