The equities market sustained a bullish run Tuesday as investors responded to the 50% tariff hike passed by the National Communication Commission yesterday. The market gained 75bps to close at 103,137.99 points buoyed by telecommunications heavy weight, MTNN alongside tier-one GTCO, ZENITHBANK and ACCESSCORP encountering selloffs in OANDO (-2.70%) and FBNH (-1.54%) leaving the market in the green. Consequently, the year-to-date (YTD) return rose to 21bps from a negative 54bps yesterday while the market capitalization increased by ₦471.37bn to close at ₦63.33tn. The strong rally was driven by investors buying interest in some medium- and large-cap stocks, such as MTNN, HONYFLOUR, TRANSCORP and others. In their notes, stockbrokers at Atlass Portfolios Limited told investors that the recent market uptrend has contributed a total of ₦1.08 trillion to investors’ wealth over four successive trading sessions.
Data showed that the All-Share Index increased by 767.37 basis points to close at 103,137.99. However, market activities slowed down as the total volume and total value trades dropped by 64.80% and 26.79%, respectively. Stockbrokers at Atlass Portfolios Limited told investors that approximately 440.32 million units valued at N11,970.81 million were transacted across 13,087 deals. In terms of volume, LASACO led the activity chart, accounting for 24.71% of the total volume of traded in the domestic bourse on Tuesday. Other volume drivers include ACCESSCORP (10.07%), UBA (6.38%), ZENITHBANK (6.11%), and UNIVINSURE (5.18%), rounding out the top five. MTNN emerged as the most traded stock in value terms, accounting for 19.29% of the total value of traded on the exchange.
MTNN topped the advancers’ chart with a price appreciation of 10.00 percent following increased demand for telecom stocks. Other gainers include SCOA (+9.93%), OMATEK (+9.88%), UNIVINSURE (+8.70%), CAP (+8.32%), ROYALEX (+7.61%) and twenty-three others. Data from the local bourse showed that twenty-seven (27) stocks depreciated in the domestic equities market today. EUNISELL was the top loser, with a price depreciation of -9.99%. Other decliners include NSLTECH (-9.88%), SUNUASSUR (-8.21%), LASACO (-6.23%), NEIMETH (-3.73%), and OANDO (-2.70%). Trading details revealed that the market breadth closed positive, recording 29 gainers and 27 losers. As expected, the market sectoral performance was positive today, as three of the five major market sectors inched higher. The insurance sector grew by 1.03%, followed by the banking sector, which gained 0.30%, while the industrial sector rose by 0.03%. The consumer goods and oil & gas sectors dropped by 0.38% and 0.36%, respectively. Overall, the equities market capitalisation of the Nigerian Exchange grew or gained N471.47 billion to close at ₦63.33 trillion.
NGX ASI sustains bullish run as equities investors gain N471bn on MTNN, Transcorp Rally
