Stock Market Recovers, Gains N402bn

The local stock market bounced back yesterday, paring previous session losses, as the market capitalisation surged N402 billion on investors’ interests in MTN Nigeria Communications (MTNN) Plc and 35 others.

The All-Share Index rose by 733.94 per cent, representing a gain of 0.99 per cent, to close at 74,502.58 points. Similarly, the overall market capitalisation value gained N402 billion to close at N40.769 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; MTNN, Dangote Cement, Stanbic IBTC Holdings, Julius Berger and Multiverse Mining & Exploration.

Analysts at Afrinvest Limited said:  ‘Today, we expect the improved investor sentiment to spur the market to a positive finish to the year.’

Investor sentiment, as measured by market breadth, closed positive, as 36 stocks advanced, while 27 declined. Ikeja Hotels recorded the highest price gain of 10 per cent to close at N5.50, per share. Multiverse Mining & Exploration followed with a gain of 9.96 per cent to close at N16.89, while Julius Berger rose by 9.94 per cent to close at N39.80, per share.

Industrial and Medical Gas Nigeria (IMG) appreciated by 9.87 per cent to close at N12.25, while McNichols rose by 9.86 per cent to close at 78 kobo, per share.

On the other hand, UAC of Nigeria (UACN) led the losers’ chart by 10 per cent to close at N12.15, per share. John Holt followed with a decline of 9.73 per cent to close at N2.32, while DEAP Capital Management & Trust declined by 9.38 per cent to close at 58 kobo, per share.

R.T. Briscoe Nigeria shed 8.96 per cent to close at 61 kobo, while United Capital lost 7.53 per cent to close at N22.10, per share.

Meanwhile, the total volume of trade decreased by 11.17 per cent to 384.576 million units, valued at N5.667 billion, and exchanged in 8,336 deals. Transactions in the shares of Jaiz Bank topped the activity chart with 49.401 million shares valued at N83.190 million.

Zenith Bank followed with 27.936 million shares worth N1.055 billion, while Access Holdings traded 23.423 million shares valued at N539.242 million.

Veritas Kapital Assurance traded 21.688 million shares valued at N7.836 million, while Transnational Corporation (Transcorp) transacted 19.395 million shares worth N165.426 million.