NGX sustains growth by N34bn on MTNN gain

The domestic bourse extended positive growth on Thursday to close upbeat with N34 billion following investors in MTN Nigeria Communications (MTNN).

Consequently, the market capitalisation inched higher by N34 billion or 0.17 per cent to close at N20.092 trillion against N20.058 trillion achieved on Wednesday.

Also, the All-Share Index advanced by 65.72 points or 0.17 per cent to 38,548.24, from 38,482.52 on Wednesday.

Accordingly, month-to-date gain increased to 0.3 per cent, while year-to-date loss moderated to 4.3 per cent.

The bullish performance was a result of investors’ in all major sectors except the sector.

The market upturn was driven by price appreciation in large and medium capitalised stocks, amongst which are MTNN, Berger Paints, Breweries, Africa Prudential and United Capital.

Analysts at Afrinvest Ltd. expressed optimism market would close for the week positive.

The market sentiment, as measured by market breadth, was positive, with 19 gainers relative to 15 losers.

University Press led the gainers’ chart in percentage terms with 10 per cent to close at N1.54 per share.

Berger Paints followed with 9.84 per cent to close at N6.70, while John Holt rose by 9.43 per cent to close at 58k per share.

Associated Bus Company grew by 8.82 per cent to close at 37k, while Africa Prudential gained 6.90 per cent to close at N6.20 per share.

On the other hand, Computer Warehouse Group drove the losers’ chart in percentage terms by 9.63 per cent to close at N1.69 per share.

Union Bank trailed with 6.72 per cent to close at N5.55, while Sovereign Trust Insurance lost 6.67 per cent to close at 28k per share.

Courteville Business Solutions dipped 4.76 per cent to close at 20k, while Japaul Gold and shed 3.39 per cent to close at 57k per share.

Overall, the volume of trades increased by 59.13 per cent to 249.69 million shares valued  N1.88 billion exchanged in 3,524 deals.

This was in contrast with a of 156.91 million shares worth N1.33 billion achieved in 3,273 deals on Wednesday.

Transactions in the shares of Sovereign Trust Insurance topped the activity chart with 35.51 million shares valued  N9.73 million.

Zenith Bank followed with 27.51 million shares worth N632.28 million, while FCMB Group traded 22.69 million shares valued  N72.23 million.

AXA Mansard Insurance sold 16.87 million shares worth N15.18 million, while transacted 14.54 million shares valued  N32.33 million. (NAN)