Market Capitalisation Advances by N719bn Amid Demand for MTN

Kayode Tokede 

The Nigerian stock market rebounded to close higher, snapping its two trading session losing streak as the market capitalisation appreciated  by N719 billion.

As  MTN Nigeria gained  1.23per cent to close at N820.00 per share, the  Nigerian Exchange Limited All-Share Index (NGX ASI) gained by 1,121.33 basis points, or 0.46 per cent to close at 242,870.44 basis points. Accordingly, market capitalisation rose by N719 billion to close at N 155.849 trillion.

Investor sentiment remained positive, as 24 gainers outpaced 22 losers. Learn Africa recorded the highest price gain of 10 per cent to close at N9.90, per share. First HoldCo followed with a gain of 9.98 per cent to close at N72.15, while Thomas Wyatt Nigeria appreciated by 9.80 per cent to close at N2.69, per share.

R.T. Briscoe went up by 8.68 per cent to close at N13.15, while Transcorp Hotels  rose by 8.37 per cent to close at N242.00, per share.

On the other hand, International Energy Insurance led the losers’ chart by 9.86 per cent to close at N4.66, per share. Legend Internet followed with a decline of 9.18 per cent to close at N4.45, while Fortis Global Insurance declined by 7.67 per cent to close at N2.77, per share.

FTN Cocoa processors depreciated by 7.55 per cent to close at N8.21 and International Breweries declined by 4.79 per cent to close at N13.90, per share.

The total volume traded advanced by 21.25 per cent to 634.775 million units, valued at N53.336 billion, and exchanged in 42,494 deals. Transactions in the shares of First HoldCo topped the activity chart with 326.922 million shares valued at N22.332 billion. Guaranty Trust Holding Company (GTCO) followed with 22.469 million shares worth N2.821 billion, while Access Holdings traded 18.532 million shares valued at N461.613 million.

FCMB Group traded 16.118 million shares valued at N166.836 million, while Zenith Bank sold 15.923 million shares worth N1.729 billion.

On market performance, analysts noted that the market’s return to positive territory, alongside the sharp improvement in breadth and the surge in traded value and deal count, reflects a swift recovery in sentiment following the prior session’s profit-taking.  

Looking ahead, Cowry Assets Management Limited said that “we expect the market’s recovery to be sustained, supported by continued strategic investor repositioning and portfolio rebalancing. However, intermittent profit-taking in recently appreciated stocks could moderate the pace of further gains.”