Equities Market Sustains Winning Streak, Up N837bn

The Nigerian equities market yesterday sustained the winning streak with a gain of N837 billion, aided by price appreciation in MTN Nigeria Communications (MTNN) Plc and 34 others.

As a result, the All-Share Index gained 1,479.60 points, representing a gain of 1.45 per cent to close at 103,524.44 points. Also, market capitalisation rose by N837 billion to close at N58.533 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; MTNN, Transcorp Power, Julius Berger, United Bank for Africa (UBA) and Zenith Bank.

As measured by market breadth, market sentiment was positive, as 35 stocks gained relative to 14 losers. UBA emerged the highest price gainer of 10 per cent to close at N25.30, per share. MTNN followed with a gain of 9.98 per cent to close at N243.50, while Julius Berger rose by 9.71 per cent to close at N61.00, per share.

Access Holdings increased by 9.51 per cent to close at N22.45, while Veritas Kapital Assurance added 9.38 per cent to close at 70 kobo, per share. On the other side, Tantalizer led others on the losers’ chart with 7.89 per cent to close at 35 kobo, per share. NASCON Allied Industries followed with a decline of 6.77 per cent to close at N53.70, while Morison Industries shed 6.62 per cent to close at N1.41, per share.

C&I Leasing lost 6.45 per cent to close at N3.48, while Cutix depreciated by 6.30 per cent to close at N2.53, per share.

The total volume traded increased by 29.50 per cent to 565.788 million units, valued at N14.234 billion, and exchanged in 11,519 deals. Transactions in the shares of Transnational Corporation (Transcorp) led the activity with 170.718 million shares worth N3.135 billion. Access Holdings followed with account of 48.572 million shares valued at N1.059 billion, while Guaranty Trust Holding Company (GTCO) traded 39.035 million shares valued at N1.658 billion.