Trading sustains positive on NSE, up by 1.74%

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THE Nigerian equities on Monday extended positive stance with the crucial market indicators appreciating by 1.74 per cent.

The News Agency of Nigeria (NAN) reports that the market capitalisation inched N220 billion to close at N12.938 trillion against N12.718 trillion.

Similarly, the All-Share Index which opened at 28,871.93 rose by 501.47 points or 1.74 points to close at 29,373.40 following gains by some medium and large companies.

MTN Nigeria Communications (MTNN), Dangote Cement and 15 other companies dominated the gainers’ chart.

The upturn was significantly impacted by value appreciation recorded in some medium and large capitalised stocks, amongst which are; MTN Nigeria, Dangote Cement, Guinness Nigeria, Dangote Flour Mills and NEM Insurance.

Analysts at APT Securities and Funds Limited said “MTNN listing on the premium board of the Exchange is a welcoming one as Africa’s leading cellular telecommunications company adds N1.80 trillion to the market capitalisation. We expect more positive reaction especially from local investors.”

Also, analysts at United Capital Plc, expected the listing of MTNN shares on the exchange to keep sentiments upbeat as investors continue to scramble to get a piece of the telecommunication company.

However, market breadth was negative, with 17 gainers against 20 losers.

McNichols recorded the highest price gain of 10 per cent, to close at 50k per share.

MTN Nigeria followed with a gain of 9.96 per cent to close at N119.75, while Thomas Wyatt Nigeria appreciated by 9.68 per cent to close at 34k per share.

Livestock Feeds rose by 9.38 per cent to close at 64k, while Linkage Assurance appreciated by 9.09 per cent to close at 48k per share.

Conversely, Forte Oil led the losers’ chart by 9.88 per cent, to close at N25.55 per share.

eTranzact International followed with a decline of 9.85 per cent to close at N2.38, while Neimeth depreciated by 8.20 per cent, to close at 56k per share.

Sterling Bank went down by eight per cent to close at N2.30, while Access Bank appreciated by 5.43 per cent to close at N6.10 per share.

Total volume traded depreciated by 19.94 per cent to 214.42 million shares, worth N7.93 billion, and traded in 4,644 deals.

The volume of shares closed lower by 19.94 per cent with an exchange of 214.42 million shares valued at N7.93 billion in 4,644 shares.

This was in contrast with a total of 267.84 million shares worth N7.52 billion transacted in 3,684 deals.

MTN Nigeria topped the activity chart with 51.4 million shares worth N6.16 billion.

FBN Holdings followed with an account of 17.46 million shares valued at N122.25 million, while United Bank for Africa (UBA) sold 17.2 million shares cost N103.19 million.

Nigerian Aviation Handling Company (NAHCO) traded 15.79 million shares valued at N49.92 million, while Guaranty Trust Bank sold 15.25 million shares worth N464.49 million. (NAN)

– May 20, 2019 @ 19:29 GMT |

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