MTN, FirstHoldco, Aradel Boost NGX Performance, Return Tops 60%
MTN Nigeria, First Holdco and Aradel Holdings Plc were among the primary market drivers on the Nigerian Exchange (NGX), reflecting positive investor sentiment in the tickers.
The stock market closed the week on a bullish note, with the All-Share Index rebounding 2.78% week on week to settle at 249,804.56 points.
Similarly, market capitalisation advanced by N4.7 trillion to close at N162.2 trillion.
The market recorded weekly gains in heavyweight tickers such as MTNN (+9.73%), FIRSTHOLDCO (+17.65%), BUACEMENT (+6.80%), and ARADEL (+9.62%).
Stockbrokers said these heavyweight risers largely drove the momentum in the Nigerian equities market this week, lifting year-to-date to 60.53%.
On Friday, the equities market closed positively, as the ASI improved by 1.42%. The positive performance was driven mainly by gains in MTNN (+9.20%), FIRSTHOLDCO (+8.11%), and DANGCEM (+1.55%).
Overall, market sentiment was equally bullish, with market breadth printing at 1.59x as 35 gainers, led by CILEASING (+10.00%) and FTGINSURE (+10.00%), outpaced 22 losers, led by TRANSPOWER (-9.96%).
Activity metrics were, however, subdued, with total volume and value traded declining by 52.15% and 31.28% to 521.0 million units and N29.8 billion, respectively.
MBENEFIT topped the volume log with 76.6 million units (14.71% of total volume) traded, while ZENITHBANK topped the value log with N3.9 billion (13.23% of total value).
Sectoral performance was largely bullish, with four of six indices closing higher. The Banking (+2.23%) index led this performance, driven by gains in FIRSTHOLDCO (+8.11%).
The Insurance (+1.03%) and Industrial Goods (+0.81%) indices also closed positive, following price upticks in MBENEFIT (+9.09%) and DANGCEM (+1.55%), respectively.
The Oil & Gas (+0.01%) index closed slightly positive, driven by minimal gains in OANDO (+0.44%). However, the Consumer Goods (-0.36%) and Commodities (-0.64%) indices closed negative, weighed down by declines in INTBREW (-2.91%) and TRANSPOWER (-9.96%).
MTN, FirstHoldco, Aradel Boost NGX Performance, Return Tops 60% NGX ASI Extends Rally, Equities Investors Gain N437bn
