For the second consecutive session in the week, equities trading at the Nigerian Exchange Limited (NGX) extended the strong bullish run as the benchmark index inched up by 0.72 per cent to close at 47,205.03 basis points, the highest point since 21 March 2022.
On Tuesday, sustained investor interests in telco heavyweight, MTN Nigeria, following the final approval of its MoMo PSB license by the Central Bank of Nigeria (CBN), as well as bargain hunting in Tier-1 banks, Zenith Bank, Access Holdings, Guaranty Trust Holding Company and United Bank for Nigeria were the market movers having appreciated by 5.83 per cent, 4.00 per cent, 3.05 per cent and 0.63 per cent.
In addition, gains in Nigerian Breweries, Seplat and Wapco contributed to bolster the overall market’s strong performance as their respective share prices added 7.84 per cent, 2.60 per cent and 1.10 per cent.
Consequently, the year-to-date (YTD) return rose to 10.51 per cent, while market capitalisation gained N181.73 billion to close at N25.45 trillion.
As measured by market breadth, market sentiment was positive, as 30 tickers gained relative to 15 losers. On the performance chart, CAP and Neimeth Pharmaceutical topped the gainers’ list having increased in share value by 9.9 per cent and 10.9 per cent, while Academy Press and Caverton recorded the most significant losses of the day as each shares depreciated by 10.0 per cent and 9.9 per cent.
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Performance across sectors was broadly positive, as gains in the Banking, Consumer Goods, Oil and Gas, and Industrial Goods indices reflected the overall market’s performance having inched upward by 2.8 per cent, 1.9 per cent, 1.7 per cent and 0.1 per cent. The Insurance index was the sole loser by 0.9 per cent.
Analysis of market activities on Tuesday showed trade turnover settled higher relative to the previous session, with the value of transactions advancing by 19.80 per cent.
Specifically, a total of 245.42 million shares valued at N4.58 billion were exchanged in 5,832 deals. GTCO for the second consecutive session, led the volume chart with 39.09 million units traded, while Seplat led the value chart in deals worth N984.84 million.
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MTN Nigeria’s gain pushes stock market higher by 0.72 per cent
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