Transactions on the Nigerian stock market yesterday closed on a positive note as market capitalisation hit over N22 trillion to commence trading for the week.
The positive performance was buoyed by investors’ increased buying appetite in MTN Nigeria Communications (MTNN) and 17 others.
In summary, the All-Share Index (ASI) grew by 1232.37absolute points, representing a rise of 2.93 per cent, to close at 43,246.87 points. Similarly, the overall market capitalisation value increased by N643 billion to close at N22.569 trillion.
The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Airtel Africa, MTNN, Unilever Nigeria, Nigerian Exchange Group (NGXGroup) and Guinness Nigeria.
This week, United Capital Plc expects the equities market to trade sideways in the absence of bullish triggers.
However, the market breadth closed negative, recording 25 losers as against 18 gainers. Airtel Africa recorded the highest price gain of 10 per cent to close at N858.00, per share. Red Star Express followed with a gain of 9.94 per cent to close at N3.43, while Cutix appreciated by 9.91 per cent to close at N6.21, per share.
MTNN went up by 9.62 per cent to close at N192.50, while Unilever Nigeria appreciated by 9.36 per cent to close at N14.60, per share.
other hand, Conoil led the losers’ chart by 9.80 per cent to close at N23.00, per share. Computer Warehouse Group (CWG) followed with a decline of 9.73 per cent to close at N1.02, while Custodian Investment declined by 9.47 per cent to close at N7.65, per share.