Airtel, MTN, 15 Others Push Stock Market Higher By 0.83% Gain

The Nigeria equities market on Thursday closed on a positive note with a gain of 0.83 per cent to extend the previous day positive sentiment to two consecutive trading days, following value appreciation on Airtel Africa, MTN Nigeria Communications (MTNN) and 15 other stocks.

In summary, the All-Share Index (ASI) increased by 199.80 absolute points, representing a growth of 0.83 per cent to close at 24,330.06 points. Also, investors gained N104 billion as market capitalisation advanced to N12.692 trillion.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Airtel Africa, Presco, MTNN, Guaranty Trust Bank and Cadbury Nigeria.

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Analysts at Afrinvest Limited expected the local bourse to close the week negative following possible profit-taking activities.

Consequently, the market breadth closed on a positive note, recorded 17 gainers as against 16 losers. Ikeja Hotel recorded the highest price gain of 9.80 per cent to close at N1.12, per share. Presco followed with a gain 9.28 per cent to close at N4,.45, while Cadbury Nigeria rose by 7.41 per cent to close N7.25, per share.

Courteville Business Solutions went up by five per cent to close at 21 kobo, while Honeywell Flour Mill appreciated by 4.35 per cent  to close at 96 kobo, per share. On the other hand, Nigerian Aviation Handling Company (NAHCO) led the losers’ chart by 9.17 per cent, to close at N1.98, per share. Unity Bank followed with a decline of 8.16 per cent to close at 45 kobo, while Ecobank Transnational Incorporated (ETI) declined by 7.45 per cent to close at N4.35, per share.

Fidson Healthcare lost 7.02 per cent to close at N2.65, while Associated Bus Company shed six per cent to close at 47 kobo, per share.

The total volume of trade decreased by 0.4 per cent to 207.42 million units valued at N1.70 billion, and traded in 3,323 deals. Transactions in the shares of Sterling Bank topped the activity chart with 60.0.84 million shares valued at N75.105 million. FBN Holdings followed with 20.670 million shares worth N103.35 million, while Japaul Oil and Maritime Services traded 17.284 million shares valued at N4.148 million.

Transnational Corporation of Nigeria traded 11.569 million shares valued at N7.173 million, while Custodian Investment transacted 10.007 million shares worth N48.034 million.