Equities market appreciates by N42bn as investors’ renew interest in MTN Nigeria, 19 others

The equities market of the Nigerian Exchange Limited (NGX) on Thursday closed transaction on a positive note rising by 0.16 per cent, extending the prior day’s gain to two trading sessions.

The All Share Index (ASI) rose by 76.89 points, representing an increase of 0.16 per cent to close at  47,363.98 points, while the overall market capitalisation value gained N42 billion to close at N25.527 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 (UACN) and Nascon Allied Industries (NASCON).

Analysts at GTI Securities Limited 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.”

Market sentiment, as measured by market breadth was positive as 21 stocks declined, relative to 20 gainers.  R.T. Briscoe Nigeria and UACN recorded the highest price gain of 9.84 per cent each to close at 67 kobo and N10.05 respectively, while 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 N125.00,  while Neimeth International Pharmaceuticals appreciated by 7.27 per cent to close at N1.77, per share. On the other hand, Royal Exchange led the losers’ chart by 9.46 per cent to close at N1.34, per share. Associated Bus Company followed with a decline of 8.57 per cent to close at 32 kobo, while May “ Baker Nigeria depreciated by 6.31 per cent  to close at N4.60, per share.

Transnational Corporation of Nigeria (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 58 kobo, per share.

Meanwhile, the total volume of trades declined by 22.23 per cent to 261.558 million units, valued at N4.478 billion, and exchanged in 4,672 deals. Transactions in the shares of Cutix topped the activity chart with 31.794 million shares valued at N75.684 million. Access Bank followed with 15.354 million shares worth N155.513 million, while FCMB Group traded 15.125 million shares valued at N50.992 million.

Fidelity Bank traded 14.925 million shares valued at N44.085 million, while Zenith Bank transacted 14.314 million shares worth N379.824 million.