Renewed bargain hunting in MTN, 32 stocks lift capitalisation by N137b

Following renewed bargain hunting in MTN Nigerian and 32 stocks, the Nigerian Exchange Limited (NGX) reopened in an upbeat yesterday, as investors’ wealth rose by N137 billion.

At the close of transactions yesterday, the all-share index (ASI) increased by 250.75 absolute points, representing an increase of 0.49 per cent to close at 51,606.49 points while the overall market capitalisation value gained N137 billion to close at N28.1 trillion.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are MTN Nigeria Communications (MTNN), Stanbic IBTC Holdings, Unilever Nigeria, Berger Paints and Access Holdings.

Analysts at United Capital Plc said: “We expect bullish sentiments to resurface, as investors look to take advantage of fundamentally sound stocks with low pricing, with Q1, 2023 earnings season already underway. However, we see room for pockets of profit-taking activities.”

Afrinvest said: “Tomorrow (today) we expect the market to maintain the bullish outing on the back of improved investors’ sentiments.”

As measured by market breadth, market sentiment closed positive as 33 stocks gained relative to nine losers. Japaul Gold & Ventures recorded the highest price gain of 10 per cent to close at 33 kobo

Honeywell Flour Mills followed with a gain 9.91 per cent to close at N2.55, while Berger Paints gained 9.87 per cent to close at N8.35 kobo. TransNational Corporation rose by 9.8 per cent to close at N2.69, while Ikeja Hotel appreciated by 9.35 per cent to close at N1.52 kobo.

Ikeja Hotel added 9.35 per cent to close at N1.52 kobo. Champion Breweries gained 9.26 per cent to close at N4.84 kobo. FTN Cocoa appreciated by 7.41 per cent to close at 29 kobo.

First City Monument Bank garnered 7.09 per cent to close at N4.08 kobo. Accesscorp added 7.07 per cent to close at N10.60 kobo. Unilever also appreciated by 6.72 per cent to close at N13.5 kobo.

On the other hand, Wapic Insurance led the losers’ chart by 7.32 per cent to close at 38 kobo. Nigerian Exchange Group followed with a decline of 4.89 per cent to close at N25.30 kobo while RT Briscoe declined by four per cent to close at 24 kobo.

AIICO Insurance shed 3.64 per cent to close at 53 kobo, while Royal Exchange dipped by 3.17 per cent to close at 61 kobo. Royal Exchange Assurance fell by 3.17 per cent to close at 61 kobo. Fidelity Bank dropped by 2.93 per cent to close at N5.63 kobo. FBN Holdings lost 1.79 per cent to close at N11. PZ Cussons also depreciated by 84 per cent to close at N11.80 kobo.

The total volume of trades increased by 247.9 per cent to 2.090 billion units, valued at N8.849 billion, and exchanged in 6,404 deals. Transactions in the shares of Transnational Corporation (Transcorp) topped the activity chart with 1.66 billion shares valued at N4.093 billion.

Access Holdings followed with 217.419 million shares worth N2.313 billion, while Fidelity Bank traded 30.7 million shares valued at N175.789 million. Zenith Bank traded 27.553 million shares valued at N608.8 million, while United Bank for Africa (UBA) transacted 18.212 million shares worth N143.6 million.