NGX extends bullish run by N382bn amid buying interest in 32 stocks

The equities market of the Nigerian Exchange Limited (NGX) Thursday extended its bullish run with an appreciation of a whopping N382 billion, due to investors buying interest in MTN Nigeria Communications (MTNN) and 31 other stocks.

The summary of yesterday’s trading activities shows that the overall market capitalisation value gained N382 billion to close at N27.406 trillion, while the All-Share Index (ASI) inched higher by 709.54 absolute points, representing an increase of 1.42 per cent to close at 50,835.95 points.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Airtel Africa, MTNN, Presco, Guinness Nigeria and Okomu Oil.

Investor sentiment as measured by market breadth was positive as 32 stocks gained against 22 that declined. Guinness Nigeria and McNichols Plc recorded the highest price gain of 10 per cent each to close at N110.00 and 77 kobo respectively, while Nigerian Breweries followed with a gain of 9.95 per cent to close at N69.05, per share.

Fidson Healthcare rose by 9.93 per cent to close at N9.85, while Conoil appreciated by 9.92 per cent to close at N28.80, per share. On the other hand, Transcorp Hotels led the losers’ chart by 9.09 per cent to close at N4.50, per share. Multiverse Mining and Exploration followed with a decline of 8.70 per cent to close at 21 kobo, while Mutual Benefits Assurance declined by 7.69 per cent to close at 24 kobo, per share.

FTN Cocoa processors shed 7.69 per cent to close at 36 kobo, while Oando Plc by 7.41 per cent to close at N5.25, per share.

Meanwhile, the total volume of trades dipped by 30.88 per cent to 462.595 million units, valued at N8.305 billion, and exchanged in 46,801 deals. Transactions in the shares of FCMB Group topped the activity chart with 138.519 million shares valued at N485.226 million. Zenith Bank followed with 29.353 million shares worth N705.040 million, while Transnational Corporation of Nigeria (Transcorp) traded 26.387 million shares valued at N30.637 million.

United Bank for Africa (UBA) traded 20.682 million shares valued at N166.379 million, while Guaranty Trust Holding Company transacted 20.307 million shares worth N478.768 million.

On market outlook, analysts at GTI Securities Limited said, “the stock market ended transactions yesterday positively as it sustains the bullish trend. Investors buying interest in both large and medium stocks, especially in the consumer goods sector continues to drive the market.