MTNN, 22 others sustain stock market on positive record, gains N441bn

The stock market of the Nigerian Exchange Ltd. (NGX) on Thursday gained further due to investors’ renewed interest in MTN Nigeria Communications (MTNN) Plc and 22 others.

The NGX All Share Index (ASI) rose by 809.41 points or 1.51 per cent to close at 54,413.21 from basis points.

Accordingly, investors gained N441 billion in value as market capitalisation went up to N29.642 trillion.

Market breadth closed positive as 23 stocks were on gainer’s table, while 10 others on loser’s.

Oando recorded the highest price gain of 9.98 per cent to close at N5.40, per share.

SUNU Assurance followed with an increase of 9.09 per cent to close at 48k, while MTNN grew by 8.89 per cent to close at N240, per share.

Consolidated Hallmark Insurance rose by 8.77 per cent to close at 62k, while Royal Exchange garnered 8.70 per cent to close at 75k, per share.

On the other hand, PZ Cussons Nigeria led the losers’ chart by 5.88 per cent to close at N11.20, per share.

Chams Holding Company followed with a decline of 4.17 per cent to close at 23k, while Unilever Nigeria fell by 3.57 per cent to close at N13.50, per share.

Japaul Gold & Ventures lost 3.45 per cent to close at 28k, while AIICO Insurance inched down 3.33 per cent to close at 58k, per share.

The total volume traded increased by 312.4 per cent to 973.643 million shares, worth N4.227 billion in 3,718 deals.

Transactions in the shares of Transnational Corporation (Transcorp) topped the activity chart with 455.534 million shares valued at N669.227 million.

LivingTrust Mortgage Bank followed with 254.769 million shares worth N775.165 million, while Fidelity Bank traded 143.347 million shares valued at N746.823 million.

United Bank for Africa (UBA) traded 16.090 million shares valued at N128.720 million, while Zenith Bank transacted 14.039 million shares worth N363.996 million.

Analysts at GTI Securities Ltd. said, “even as quoted companies continue to disclose their earnings and announce dividends, investors continue to be conservative and sway towards defensive stocks”.