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Nigerian stock market advances further by 0.53%



NSE All-Share IndexMay 29: Market capitalisation inches to N490bn returns to 30,000 mark, amid MTN Nigeria gains

The local bourse maintained positive sentiment on Thursday with the market indices growing further by 0.53 per cent due to investors’ interest in Stanbic IBTC and MTN Nigeria.

Speficially, the All-Share Index advanced further by 207.86 points or 0.53 per cent to 39,293.24 against 39,085.78 on Wednesday.

Consequently, the month-to-date and year-to-date losses moderated to 1.3 per cent and 2.4 per cent, respectively.

Stock market gain was driven by price appreciation in large and medium capitalised stocks.

The include Stanbic IBTC Holdings, MTN Nigeria Communications (MTNN), GlaxoSmithKline Consumer Nigeria, UPDC Real Estate Investment Trust and Lafarge Africa.

Capital market analysts atributed the positive sentiment to the decision of the Monetary Policy Committee of the Central Bank of Nigeria to leave the interest rate unchanged.

They added that attractive dividend and bonus declarations by some quoted companies contributed to the positive growth.

Market breadth remained positive with 23 stocks gainer in relative to 14 losers.

Wapic Insurance led the gainers’ chart with 10 per cent to close at 55k per share.

UPDC Real Estate Investment Trust followed with a gain 9.80 per cent to close at N5.60, while Pharma-Deko rose by 9.63 per cent to close at N1.48 per share.

Neimeth International grew by 9.55 per cent to close at N1.95, while GlaxoSmithKline Consumer appreciated by 9.45 per cent to close at N6.95 per share.

Conversely, Sovereign Trust Insurance dominated the laggards’ chart by 9.61 per cent to close at 22k per share.

NPF Microfinance Bank followed with 7.22 per cent to close at N1.80, while Prestige Assurance shed 6.82 per cent to close at 41k per share.

Japaul Gold and Ventures shed 4.44 per cent to close at 43k, while Dangote Sugar Refinery depreciated by 2.67 per cent to close at N16.40 per share.

Transactions in the shares of Union Bank of Nigeria topped the activity chart with 79.57 million shares valued at N421.70 million.

Guaranty Trust Bank followed with 19.28 million shares worth N598.97 million, while Zenith Bank traded 12.09 million shares valued at N265.89 million.

MTNN traded 10.07 million shares valued at N1.61 billion, while Oando transacted 9.51 million shares worth N31.28 million.

However, the total volume traded declined by 36.61 per cent to 229.42 million shares valued at N3.78 billion exchanged in 4,016 deals.

This was against 361.90 million shares worth N5.70 billion exchanged in 4,018 deals on Wednesday.

Chinyere Joel-nwokeoma

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