Stock Market Swells as MTN, Oando Rally

The equities segment of the Nigerian Exchange (NGX) extended bullish performance following bargain-hunting in MTN Nigeria with a share price appreciation of 8.9%, supported by buying interest Oando Plc.

Oando share price gained 10% following its largest shareholder takeover plans and SUNUASSUR appreciated by 9.1%. Market data shows that positive drive from large weight listed stock douses the impacts of selloffs seen in PZ, and CHAMs among others.

PZ lost 5.9% and CHAMS declined 4.2%, recording the most significant losses of the day. As a result, the All-Share Index advanced by 1.5% to close at 54,413.21 points.

Year-to-date return surged to 6.17%, as investors’ wealth spiked by about ₦441 billion, according to data from the equities segment of the Nigerian Exchange. Stockbrokers said market activities were up, as the total volume and total value traded for the day increased by +312.44% and +29.71% respectively.

In its market report, Atlass Portfolios Limited said approximately 973.64 million units valued at ₦4,227.16 million were transacted in 3,718 deals. TRANSCORP was the most traded stock in terms of volume, accounting for 63.37% of the total volume of trades.

The company was followed by FIDELITYBK (19.94%), UBA (2.24%), ZENITH BANK (1.95%), and OANDO (1.46%) to complete the top 5 on the volume chart. FIDELITYBK was the most traded stock in value terms, with 21.63% of the total value of trades executed on the floor of the Nigerian Exchange.

Today, Oando topped the advancers’ chart with a price appreciation of 9.98 per cent, trailed by SUNUASSUR whose share price popped up by 9.09%. The share price of MTNN gained 8.89%, CHIPLC advanced by 8.77%, and ROYALEX advanced by 8.70% in addition to eighteen other stocks, mostly lightweights.

Nine stocks depreciated, data from the exchange showed. PZ was the top loser, with a price depreciation of 5.88% followed close by CHAMS which lost 4.17%, UNILEVER shed 3.57%, JAPAULGOLD fell by 3.45%, and AIICO dipped by 3.33%.

Given the trading pattern, the market breadth closed positive, recording 23 gainers and 9 losers while the market sector performance closed positive. Stockbrokers reported that three of the five major market sectors were up.

The NGX banking index rose by +1%, followed by the NGX Insurance Index with a 0.55% gain. Also, the Industrial index was 0.02%, supported by positive price movement in Royal Exchange, SUNU Assurance.

On the other hand, the Consumer goods sector dropped slightly by 0.02% on account of the price down Unilever Nigeria while the Oil & Gas index closed flattish.

Overall, stock market capitalisation inched higher by ₦440.93 billion to close at ₦29,642.21 trillion from ₦29,201.28 trillion the previous day. #Stock Market Swells as MTN, Oando Rally