MTN, Seplat, 34 Others Lift Stock Market by 263bn

MTN, Seplat, 34 Others Lift Stock Market by 263bn

MTN, Seplat, 34 Others Lift Stock Market by 263bn

The stock market of the Nigerian Exchange Limited (NGX) yesterday extended its positive outing into February with a gain of N263 billion.

The market was lifted by gains recorded by Seplat Energy Plc, Presco Plc, MTN Nigeria Communications (MTNN) Plc, Conoil Plc and 34 other stocks on the bourse.

The NGX All-Share Index (ASI) increased by 486.54 basis points or 1.04 per cent to close at 47,111.21 basis points, while the overall market capitalisation size gained N263 billion to close at N25.387 trillion.

Sector performances were broadly positive yesterday with the Oil and Gas gaining 5.43 per cent, Banking index added 2.15 per cent, Industrial index rose by 0.38 per cent and Consumer Goods index inched up by 0.19 per cent.

As measured by market breadth, market sentiment was positive as 36 stocks gained relative to 21 losers. SEPLAT Energy recorded the highest price gain of 10 per cent to close at N869.00, per share. Conoil followed with a gain 9.79 per cent to close at N24.10, while Academy Press rose by 9.57 per cent to close at N1.03, per share.

R. T. Briscoe went up by 9.09 per cent to close at 24 kobo, while Presco appreciated by 8.75 per cent to close at N105.00, per share. On the other hand, Caverton Offshore Support Group led the losers’ chart by 9.50 per cent to close at N1.62, per share. Eterna followed with a decline of 9.17 per cent to close at N5.45, while NCR shed 9.09 per cent to close at N3.00, per share.

Japaul Gold and Ventures lost 7.50 per cent to close at 37 kobo, while Ecobank Transnational Incorporated (ETI) shed 7.20 per cent to close at N11.60, per share.

However, the total volume traded decreased by 21.63 per cent to 341.516 million units, valued at N3.692 billion, and exchanged in 6,417 deals.

Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 32.110 million shares valued at N37.462 million. Fidelity Bank followed with 25.155 million shares worth N71.503 million, while Access Bank traded 23.463 million shares valued at N238.277 million.

Guaranty Trust Holding Company (GTCO) traded 21.119 million shares valued at N587.324 million, while Nigerian Exchange Group (NGXGroup) transacted 20.512 million shares worth N502.540 million.

Analysts at InvestmentOne Research said: “The equities market closed northwards due to the gains printed across major sectors. Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space.

“We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”

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