Stock Market Gains N1.7trn as Buy Interest in MTN, Others  Persists

Layover TokedeThe Nigerian stock market yesterday extended upward movement with a gain of N1.7trillion, as portfolio managers and income investors deepened their buy interests in MTN Nigeria Communications plc, among other fundamentally rooted stocks.

The Nigwrisn Exchange Limited All Share Index (NGX ASI) rose  by 1.39 per cent to close at 193,073.57 basis points. Consequently, the market capitalisation gained N1.7 trillion to close at N123.934 trillion.

Market breadth closed positive with 49 advancing stocks outpacing 28 declining counters. DEAP Capital Management & Trust, Okomu Oil and Fortis Global Insurance recorded the highest price gain of 10 per cent each to close at N6.93, N1, 459.70 and 55 kobo respectively, per share.

Infinity Trust Mortgage Bank and Zichis Agro Allied Industries followed with a gain of 9.96 per cent each to close at N14.35 and N15.79 respectively, while Japaul Gold & Ventures rose by 9.91 per cent to close at N3.66, per share.

On the other hand, McNichols, Multiverse Mining & Exploration, Secure Electronic Technology and Tripple Gee & Company led the losers’ chart by 10 per cent each to close at N8.28, N25.20, N1.80 and N5.40 respectively, per share.

Meyer followed with a decline of 9.80 per cent to close at N20.70, while John Holts declined by 9.43 per cent to close at N9.60, per share.

Meanwhile, the total volume traded fell by 75.51 per cent to 898.481 million units, valued at N38.476 billion, and exchanged in 61,953 deals. Transactions in the shares of Japaul Gold & Ventures topped the activity chart with 80.122 million shares valued at N293.248 million. Secure Electronic Technology followed with 71.774 million shares worth N136.487 million, while Mutual Benefits Assurance traded 58.678 million shares valued at N277.559 million.

Zenith Bank traded 53.224 million shares valued at N4.515 billion, while Guaranty Trust Holding Company sold 52.628 million shares worth N6.198 billion.

On market outlook, a group of analysts at Imperial Asset Managers Limited stated that “we anticipate sustained interest in fundamentally sound equities in next session. However, considering that tomorrow is the last trading day of the week, we may likely see an increased profit taking, compared to the numbers seen today. Therefore, we continue to recommend that investors focus their portfolios on highly liquid, dividend-paying stocks.”