After a surge in interest in MTN Nigeria Communications Plc (MTNN) and other stocks, the Nigerian stock market began on a positive note yesterday, with market capitalization increasing by N75 billion.
By the end of the trading session, the all-share index experienced a rise of 138.63 points, signifying a 0.21% increase, ultimately settling at 65,336.71 points.
In a similar vein, the overall market capitalization rose by N75 billion, reaching a closing value of N35.555 trillion.
This encouraging performance was fueled by the appreciation in the prices of notable large and medium capitalization stocks, including MTNN, Nigerian Enamelware, BUA Foods, GlaxoSmithKline Consumer Nigeria, and Cadbury Nigeria.
United Capital Plc expressed optimism about the continued positivity in the equities market due to its appeal compared to the low rates in the fixed-income market.
They also highlighted the influence of favorable sentiments towards new policy directions and the recent upgrade of Nigeria’s outlook by S&P.
Vetiva Dealings and Brokerage analysts noted the week’s commencement with banking sector recovery, while profit-taking occurred in the consumer goods heavyweight, Dangote Sugar. They anticipated a mixed session ahead with selective trading activity.
Market breadth ended balanced with 25 gainers and losers.
Nigerian Enamelware achieved the highest price gain of 9.86%, closing at N19.5 per share.
Wema Bank and University Press also saw notable gains. Conversely, Omatek Ventures led the losers, followed by Prestige Assurance and McNichols.
Cornerstone Insurance saw a decrease of 7.22 percent, closing at 90 kobo, while Wapic Insurance experienced a drop of 5.97 percent, closing at 63 kobo.
The total trading volume declined by 7.9 percent to 334.33 million units, with a value of N3.89 billion, traded in 6,940 transactions.
The most active stocks were those of Sterling Financial Holdings Company, with 55.141 million shares valued at N197.266 million. FCMB Group came next with 28.249 million shares worth N173.844 million, and Fidelity Bank traded 18.842 million shares valued at N150.847 million.
Japaul Gold & Ventures traded 17.356 million shares worth N17.019 million, while Access Holding conducted transactions for 17.101 million shares valued at N296.636 million.
