Local stock market sustains bullish trend as investors earn N142bn

The Nigerian Exchange Limited extends the previous day’s gain as the benchmark index further appreciates by 0.7 per cent on Wednesday.

The market’s positive performance was supported by sustained interest in Airtel Africa’s shares as its value appreciated by 4.9 per cent.

At the end of trading activities at the local bourse, the All-Share Index having edged up by 0.7 per cent settled at 39,448.46 basis points. Consequently, Month-to-Date gain increased to +2.3 per cent, while the Year-to-Date loss moderated to -2.0 per cent.

The market capitalization settled at N20.55 trillion after investors earned N142 billion into their investments.

As measured by market breadth, market sentiment was also positive, as 19 tickers gained, relative to 14 losers.

On the performance chart, PharmaDeko and Neimeth Pharmaceutical stocks recorded the most significant gains of the day having appreciated by respective 9.2 per cent and 8.6 per cent.

In contrast, FTN Cocoa and Wema Bank topped the decliners’ list after losing 8.9 per cent and 7.3 per cent from their respective share value.

By sectors, analyses indicated that the Banking and Oil and gas indices recorded gains, while the Insurance, Industrial Goods, and Consumer Goods indices closed flat.

Activities were however tepid on Wednesday as the total volume of trades declined by 61.8 per cent to 181.42 million units, valued at N2.08 billion, and exchanged in 3,599 deals.

Transnational Corporations was the most traded stock by volume at 20.49 million units, while MTN Nigeria was the most traded stock by value at N777.81 million.

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FACT CHECK: MTN Nigeria Not Celebrating 20th Anniversary With N20,000 Cash, 5GB Data

CLAIM: A viral Whatsapp message claims that mobile telecommunications company, MTN, is giving out N20,000 cash, 5GB worth of data, and cars to celebrate its 20th anniversary in Nigeria.

VERDICT: FALSE! To mark its 20th anniversary, MTN, instead, gave all its customers free calls of up to 5 minutes, free 200MB data and promised to give 20 Honda HRVs to 20 customers.

FULL STORY: On Sunday, August 8, 2021, a viral WhatsApp message claims that mobile telecommunications giant, MTN, is giving out N20,000 cash, 5GB worth of data and cars to celebrate its 20th anniversary in Nigeria.Local stock market sustains bullish trend as investors earn N142bn

Local stock market sustains bullish trend as investors earn N142bn