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MTN Nigeria, 11 Others Push Stock Market Higher

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The Nigeria stock market extended its gaining streak on Wednesday May 22 2019, to the fifth straight day on the back of price appreciation recorded by MTN Nigeria Communications Plc and 11 other firms.

The All Share Index of the Nigerian Stock Exchange increased by 3.07 per cent to 31,145.15 basis points from 30,218.14 bps on Tuesday while the market capitalisation of listed equities surged to N13.717tn from N13.309tn.

MTN Nigeria was the top gainer as its share price appreciated by 9.98 per cent to N144.85. Vitafoam Nigeria Plc also had an increase of 9.82 per cent to close at N3.87 per share.

Dangote Cement Plc rose by 9.73 per cent , Thomas Wyatt Nigeria Plc 8.11 per cent and University Press Plc with 5.88 per cent to N203, N0.40 and N1.80 per share respectively.

Others who had increase includes GlaxoSmithKline Consumer Nigeria Plc, Unity Bank Plc, UAC of Nigeria Plc, Cadbury Nigeria Plc, Custodian Investments Plc, Dangote Flour Mills Plc and Conoil Plc.

Twenty-seven companies where on the lossers table on Wednesday, with Law Union and Rock Insurance Plc leading the pack as it shed 9.09 per cent to close at N0.40 per share.

Others who recorded loses includes Ecobank Transnational Incorporated, Japaul Oil and Maritime Services Plc, Courteville Business Solutions and Nestle Nigeria Plc.

Ecobank declined by 8.50 per cent to close at N9.15 per share, while Japaul Oil and Maritime Services dipped by 8.33 per cent to close at N0.22 per share.

Courteville Business Solutions fell by eight per cent to close at N0.23, while Nestle Nigeria depreciated by 7.69 per cent to close at N1,320 per share.

“MTN Nigeria (93.7 million units), Zenith Bank Plc (29.5 million units) and United Bank for Africa Plc(22.4 million units) were the most traded stocks by volume while MTN Nigeria (N13.6bn), Dangote Cement (N1.7bn) and Zenith (N566.4m) led top traded stocks by value, Analysts at Afrinvest Securities said .

The banking index shed 2.7 per cent due to price depreciation in Guaranty Trust Bank Plc(-2.6 per cent)and Zenith Bank(-2.6 per cent) while the insurance and oil and gas indices dipped by 0.5 per cent and 0.3 per cent respectively following losses in Law Union (-9.1 per cent) and Oando Plc(-2.2 per cent).

The analysts said, “Investor sentiment, as measured by market breadth (advance/decline ratio), weakened to 0.4x from 0.8x recorded in the previous trading session as 12 stocks advanced against 27 decliners.

“Despite the weak investor sentiment, we expect the rally in MTN Nigeria and renewed interest in Dangote Cement to continue to buoy market performance in the near term.”

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