Stocks Market Begins the Week With N75 Billion Gain

The stock market began the week with N75 billion gain due to investor interest in MTN Nigeria Communications (MTNN) Plc and 24 other companies.

As a result, the All-Share Index increased by 138.63%, or 0.21%, to close at 65,336.71 points. Similarly, the total market capitalization value increased by N75 billion to N35.555 trillion.

Price increases in major and medium-capitalized firms such as MTNN, Nigerian Enamelware, BUA Foods, GlaxoSmithKline Consumer Nigeria, and Cadbury Nigeria drove the market's favourable performance.

United Capital Plc said: “We expect the bullish sentiments in the equities market to persist on the back of the market’s attractiveness over the depressed rates in the fixed-income market.

“Also, we believe the positive sentiments around the new policy direction will continue to drive the rally in the market. Lastly, the recent S&P upgrading of Nigeria’s outlook from ‘negative’ to ‘stable’ would further drive positive sentiments.”

In addition, the market breadth finished the same with 25 gainers and losers. Nigerian Enamelware had the largest price rise of 9.86%, to close at N19.50 per share. 

Wema Bank followed with a 9.77% gain to close at N4.72, while University Press gained 9.73% to settle at N2.48, per share.

SUNU Assurance increased by 9.68% to N1.02, while GlaxoSmithKline Consumer Nigeria increased by 9.55% to N9.75 a share.

Omatek Ventures led the losers' chart by 8.82% to close at 31 kobo per share. Prestige Assurance declined by 7.84% to close at 47 kobo, while McNichols fell 7.35% to close at 63 kobo a share.

Cornerstone Insurance fell 7.22% to finish at 90 kobo, while Wapic Insurance fell 5.97% to settle at 63 kobo, per share.

The total volume of trades fell 7.9% to 334.33 million units priced at N3.89 billion and traded in 6,940 transactions. 

Sterling Financial Holdings Company transactions led the activity table with 55.141 million shares valued at N197.266 million. 

Fidelity Bank traded 18.842 million shares for N150.847 million, while FCMB Group traded 28.249 million shares worth N173.844 million.

Access Holding traded 17.101 million shares for N296.636 million, while Japaul Gold & Ventures traded 17.356 million shares worth N17.019 million.