Market capitalisation gain N372b amid rally on highcap stocks
The Nigerian Stock Exchange (NSE), extended positive streak at the end of yesterday’s transactions occasioned by bullish sentiments in the shares of MTN Nigeria, and Dangote Cement, as market capitalisation soared significantly by N372 billion.Specifically, at the close of transactions Tuesday, the All Share Index (ASI) gained 844.74 absolute points, representing a growth of 2.88 per cent to close at 30,218.14 points. Similarly, market capitalisation grew by N372 billion to close at N13.310 trillion.
The upturn was significantly impacted by value appreciation recorded in some other medium and large capitalised stocks including Forte Oil, Guaranty Trust Bank, and Africa Prudential.This comes as the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC), at the end of its 267th meeting, also voted to maintain status quo, following the rate cut at its previous meeting.
It retained the Monetary Policy Rate (MPR) at 13.5 per cent, Asymmetric corridor around the MPR at +200/-500bps, Cash Reserves Ratio (CRR) at 22.5 per cent, and Liquidity Ration (LR) at 30.0 per cent.Analysts at Afrinvest Limited expressed optimism that the market would sustain its bullish run largely due to the strong investors’ interest in the highly attractive MTNN stock.
However, market breadth remained in the negative region with 16 gainers against 20 decliners.MTN Nigeria recorded the highest price gain of 9.98 per cent to close at N131.70 per share. Africa Prudential followed with a gain of 9.44 per cent to close at N3.94, while. Thomas Wyatt Nigeria appreciated by 8.82 per cent to close at 37 kobo, per share.
Similarly, Forte Oil rose 8.81 per cent to close at N27.80, while Courteville Business Solutions gained 8.70 per cent to close at 25 kobo, per share. On the other hand, Livestock Feeds led the losers’ chart with 10 per cent to close at 63 kobo per share. Juli Pharmacy followed with 9.58 per cent fall to close at N1.51, while Afromedia lost 8.89 per cent to close at 41 kobo, per share.
Custodian Investment shed 7.69 per cent to close at N6, and Cutix 6.78 per cent to close at N1.65, per share. Total volume traded rose 56.51 per cent to 335.6 million shares worth N17.19 billion, traded in 4,453 deals. Transactions in the shares of MTN Nigeria topped the activity chart with 110.72 million shares worth N14.58 billion.
FBN Holdings followed with 31.44 million shares valued at N219.4 million, while Sterling Bank traded 26.13 million shares at N60.16 million.
Guaranty Trust Bank traded 23.86 million shares valued at N743.51 million, while Transnational Corporation of Nigeria (Transcorp) sold 21.18 million shares worth N26.19 million.
No comments yet