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Bargain hunting in MTNN, 34 stocks lift indices by N174b

By Helen Oji
13 January 2023   |   4:04 am
Following renewed buying interest in MTN Nigeria Communications (MTNN) and 34 stocks, the Nigerian Exchange Limited (NGX) advanced at the close of trading yesterday, causing market capitalisation to rise by N174 billion.

NGX Group building

Following renewed buying interest in MTN Nigeria Communications (MTNN) and 34 stocks, the Nigerian Exchange Limited (NGX) advanced at the close of trading yesterday, causing market capitalisation to rise by N174 billion.

Yesterday, the All Share Index (ASI) rose by 318.98 points, representing an increase of 0.62 per cent to close at 52,048.85 points. The overall market capitalisation value gained N174 billion to close at N28.350 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; MTNN, Dangote Sugar Refinery, Ardova Plc, Lafarge Africa and Zenith Bank.

Reacting on market performance, analysts at Vetiva Dealings and Brokerage said: “The market has seen positive traction so far this year, as investors continue to take positions ahead of earnings reports. Also, with the rate reduction in yesterday’s Treasury bills auction, we expect this to impact the market positively as well.”

Investor sentiment, as measured by market breadth, improved as 35 stocks advanced, while nine declined. Ellah Lakes and Lasaco Assurance recorded the highest price gain of 10 per cent each to close at N3.96 and N1.10 kobo respectively, while International Breweries followed with a gain of 8.60 per cent to close at N5.05 kobo per share.

Dangote Sugar Refinery went up by 7.19 per cent to close at N17.15 kobo, while SUNU Assurance appreciated by 6.90 per cent to close at 31 kobo, per share.

On the other hand, Abbey Mortgage Bank led the losers’ chart by 10 per cent to close at N1.53, per share. Chellarams followed with a decline of 9.76 per cent to close at N1.48, while FTN Cocoa processors declined by 3.57 per cent to close at 27 kobo, per share.

Nigerian Aviation Handling Company (NAHCO) depreciated by 3.55 per cent to close at N6.80, while Royal Exchange declined by 2.00 per cent to close at 98 kobo, per share.

However, the total volume of trades decreased by 24.9 per cent to 211.743 million units, valued at N7.725 billion, and exchanged in 3,462 deals. Transactions in the shares of AXA Mansard Insurance topped the activity chart with 26.252 million shares valued at N52.511 million.

Guaranty Trust Holding Company (GTCO) followed with 19.808 million shares worth N476.889 million, while Chams traded 17.906 million shares valued at N4.447 million.

Royal Exchange traded 14.207 million shares valued at N13.379 million, while FBN Holdings (FBNH) transacted 11.824 million shares worth N131.375 million.