Improved Investor Interest Boosts Nigerian Stock Market by N402 Billion
The Nigerian Exchange Limited (NGX) witnessed a significant upturn in its stock market activity, driven by heightened investor interest in MTN Nigeria Communications (MTNN) Plc and 35 other companies, resulting in a noteworthy increase in market capitalization by N402 billion.
The NGX All-Share Index experienced a 0.99 per cent increase, reaching 74,502.58 basis points, while the overall market capitalization value surged by N402 billion, culminating in a closing figure of N40.769 trillion.
This commendable performance has been credited to the upward movement in stock prices of key companies including MTNN, Dangote Cement, Stanbic IBTC Holdings, Julius Berger, and Multiverse Mining & Exploration.
Out of 36 stocks, the value of 27 witnessed a decline, with Ikeja Hotels emerging as the top gainer with a substantial 10 per cent increase, closing at N5.50 per share. Multiverse Mining & Exploration followed closely with a gain of 9.96 per cent, and Julius Berger rose by 9.94 per cent.
Conversely, UAC of Nigeria (UACN) experienced the most significant decline, dropping by 10 per cent, followed by John Holt and DEAP Capital Management & Trust.
The total volume of trade decreased by 11.17 per cent to 384.576 million units, valued at N5.667 billion. Notably, Jaiz Bank, Zenith Bank, and Access Holdings were among the most actively traded companies.
In light of these developments, analysts at Afrinvest Limited have communicated a sense of optimism regarding a positive conclusion to the year, expressing their anticipation of an enhanced investor sentiment to further propel the market forward.
