A Surge in MTNN Stock and 35 Others Boosts Market Index by N402 Billion
In the wake of increased stock purchases in MTN Nigeria Communications (MTNN) Plc and 35 other stocks, the equities market experienced a notable rebound, with the market capitalisation growing by N402 billion.
The all-share index saw a significant rise of 733.94 per cent, reflecting a 0.99 per cent gain to conclude at 74,502.58 points. Correspondingly, the overall market capitalisation surged to N40.769 trillion, marking a N402 billion increase.
This positive performance can be attributed to the surge in stock prices of prominent large and medium-capitalised companies such as MTNN, Dangote Cement, Stanbic IBTC Holdings, Julius Berger, and Multiverse Mining and Exploration.
Analysts at Afrinvest Limited conveyed their optimism by stating, “Today, we expect the improved investor sentiment to spur the market to a positive finish to the year.” In a similar vein, Vetiva Dealing and Brokerage predicted a favourable close in the last trading session of the year, with minimal to no significant declines in large-cap counters.
Market breadth, a gauge of investor sentiment, concluded positively, with 36 stocks advancing and 27 declining. Ikeja Hotels recorded the highest price gain of 10 per cent, closing at N5.50 kobo, followed by Multiverse Mining and Exploration with a gain of 9.96 per cent, and Julius Berger with a 9.94 per cent increase.
Conversely, UAC of Nigeria (UACN) topped the losers’ chart with a 10 per cent decline, while John Holt followed with a 9.73 per cent decrease.
In terms of trade volume, there was an 11.17 per cent decrease, with a total of 384.576 million units valued at N5.667 billion exchanged in 8,336 deals. Jaiz Bank, Zenith Bank, and Access Holdings were among the top traded stocks.
The positive turn in the equities market is promising as the year comes to a close. It indicates restored investor confidence and offers hope for a strong start in the coming year. Stay abreast of the latest market news and updates by subscribing to the Guardian for comprehensive coverage of Nigerian and global news, business, technology, and sports.
