Stocks market rebounds, gains N107.43bn As MTN allocates N665.2m bonus shares

The equities market of the Nigerian Exchange Limited (NGX) on Wednesday rebounded from the previous session decline, as the market capitalization gained N107.43billion to close at N30.40trillion, compared to N30.29trillion recorded on Tuesday.

This is even as MTN Nigeria Communications Plc has informed the investing public of the successful allotment of incentive shares to qualified shareholders after ratification by the Securities Exchange Commission (SEC).

The stock market bounced back yesterday, with the benchmark index closing at 55,801.14 points. Increased investor interest in DANGCEM (+1.79%) and MTNN (+0.60%) offset the selloffs in WAPCO (-1.49%) and FBNH (-0.89%).

Consequently, the year-to-date (YTD) rose to 8.88 per cent, while analysis of yesterday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 44.31 per cent.

A total of 152.74million shares valued at N3.57billion were exchanged in 3,293 deals. UBA (-1.75%) led the volume chart with 15.00million units traded while DANGCEM (+1.79%) led the value chart in deals worth N2.09billion.

Market breadth closed positive at a 1.07-to-1 ratio with advancing issues outnumbering declining ones. CUTIX (+8.50%) topped fourteen (14) others on the leader’s table while CHAMS (-7.41%) led thirteen (13) others on the laggard’s log.

It is, however, worthy of note that the MTN offer included an incentive of one ordinary share for every twenty ordinary shares purchased and allotted up to a maximum of two hundred and fifty ordinary shares.

Consequently, 3,997,418 ordinary shares of MTN Nigeria worth N665.23 million have been credited to qualified shareholders in line with MTN Nigeria ambition of creating shared value.