Equities market gain N1.9trn following MTN Nigeria listing

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Equities market of the Nigeria Stock Exchange (NSE) gained N1.9 billion following the listing of the much anticipated MTN Nigeria Communications Plc.

The All Share Index (ASI) inched 152.11 basis points, representing a increase of 0.54 per cent to close at 28,483.19 basis points from 28,286.08 basis points it opened trading.

Similarly, Market Capitalization increased by N1.9 billion representing an up of 0.54 per cent to close at N12.525 trillion from N10.626 trillion it opened trading.

However, market breadth closed negative, recording 11 gainers and 25 losers while Year-Till-Date (YTD) loss moderated to 9.5 per cent.

A total of 5.5 million unit’s shares of MTN Nigeria were traded at N99 per share valued at N548.6 million. Similarly, activity level strengthened as volume and value traded advanced 76.7 per cent and 35.4 per cent to 312.4 million units and N2.8 billion respectively.

The top traded stocks by volume were Transcorp (105.5 million units), Access Bank (23.5 million units) and First City Monument Bank (23.2 million units) while the top traded stocks by value were Guaranty Trust Bank (N511.2 million), Nigerian Breweries (N494.6 million) and Zenith Bank (N325.3 million).

Meanwhile, all indices under coverage closed negative. The Banking index declined the most, down 1.7 per cent on account of price depreciation in Guaranty Trust Bank (1.9 per cent) and Zenith Bank (2.3 per cent).

The Industrial Goods and Consumer Goods indices trailed, shedding one per cent and 0.8 per cent respectively as investors sold off on Dangote Cement (1.1 per cent), Wapco (1.9 per cent), Cutix (8.3 per cent), and Dangote Sugar (2.2 per cent) while the Oil & Gas index slid 0.6 per cent following sell pressures in Oando (4.3 per cent).

Finally, the Insurance index marginally declined 0.1 per cent on the back of losses in AIICO Insurance (4.4 per cent).

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