MTN, 18 Others Drive Market Gain To N129bn

Investors on the Nigerian stock market on Wednesday gained N129bn as gain by MTN Nigeria Plc and 18 other companies halted two days losing streak.

The market breadth closed positive, recording 19 gainers against 14 losers.

Consequently, the All-Share Index gained 289.63 basis points or 0.46 per cent to close at 22,789.64 as against 22,543.07 recorded in the previous day.

The market capitalisation of equities appreciated by N129bn or 1.09 per cent to close at N11.876tn from N11.747tn as market sentiment returned on the green zone.

Meanwhile, a turnover of 871.5 million shares, which exchanged in 7,247 deals was recorded in the day’s trading.

The Premium subsector was the most active (measured by turnover volume); with 341 million shares exchanged by investors in 3,503 deals.

Volume in the subsector was largely driven by activities in the shares of Access Bank Plc and UBA Plc.

The banking subsector boosted by activities in the shares of GTBank Plc and ETI Plc followed with a turnover of 216.5 million shares in 1,978 deals.

Lasaco Insurance Plc and MTN Nigeria Plc led the gainers’ table with a gain of 10 per cent each to close at 22 kobo and N104.50 per share, respectively. Oando Plc followed with a gain of 9.95 per cent to close at N2.21 per share. Eterna Oil Plc added 9.90 per cent to close at N2.22 per share.

On the other hand, Sterling Bank Plc led the price losers’ table, dropping 10 per cent to close at 99 kobo per share. Chams Plc followed with 9.09 per cent to close at 20 kobo per share while Okomu Oil Plc trailed with a loss of 8.25 per cent to close at N55.05 per share.