MTN Nigeria (MTNN), Dangote Cement and 15 other companies pushed the Nigerian stocks market higher by 1.74 percent on Monday, May 20, 2019 as the All-Share Index (ASI) gained 501.47 absolute points, a growth of 1.74 percent to close at 29,373.40 points.
In commencing the week on a positive note, the market capitalization gained N221 billion to close at N12.938 trillion.
The upturn was significantly impacted by value appreciation recorded in some large capitalised stocks, including MTN Nigeria, Dangote Cement, Guinness Nigeria, Dangote Flour Mills and NEM Insurance.
However, market breadth was negative, with 17 gainers versus 20 losers. McNichols recorded the highest price gain of 10 percent, to close at 50 kobo per share. MTN Nigeria followed with a gain of 9.96 percent to close at N108.90, while Thomas Wyatt Nigeria appreciated by 9.68 percent to close at 34 kobo per share. Livestock Feeds rose by 9.38 percent to close at 64 kobo, while Linkage Assurance appreciated by 9.09 percent to close at 48 kobo per share.
Analysts at APT Securities and Funds Limited said that “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 capitalization. We expect more positive reaction especially from local investors.”
Similarly, analysts at United Capital Plc, expects the listing of MTNN on the Exchange to keep sentiments upbeat as investors continue to scramble to get a piece of the telco.
Forte Oil led the losers’ chart by 9.88 percent to close at N25.55, per share. eTranzact International followed with a decline of 9.85 percent to close at N2.38, while Neimeth International Pharmaceuticals depreciated by 8.20 percent to close at 56 kobo per share. Sterling Bank went down by eight percent 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 percent to 214.42 million shares worth N7.93 billion, and traded in 4,644 deals. Transactions in the shares of MTN Nigeria topped the activity chart with 51.4 million shares worth N6.16 billion. FBN Holdings followed with 17.46 million shares valued at N122.25 million; while United Bank for Africa (UBA) traded 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.
