Stock Market Edges Higher as MTNN, SEPLAT Rally
The Nigerian equities market saw its fourth consecutive day of growth in today’s session as continuous bargain hunting sprung the Nigerian Exchange (NGX) All Share Index up by 0.93% to close at 53,998.12 points.
The stock market gain was supported by bargain buying in MTNN (+3.9%) and SEPLAT (+9.5%). Consequently, the All-Share Index inched higher to 53,998.12 points while year-to-date returns advanced to 5.4%.
Additionally, FCMB (+6.82%), and GEREGU (+4.29%) finished higher as investors reacted positively to their strong corporate results and dividends. The total volume traded increased by 1331.9% to 2.87 billion units, valued at N8.07 billion, and exchanged in 3,940 deals.
UNIVINSURE was the most traded stock by volume at 2.72 billion units. Accounting for 43% of trades, AIRTELAFRI was the most traded stock by value at NGN3.49 billion. Oil stocks, MRS (+10.00%) and SEPLAT (+9.50%), in particular, led to today’s gain, bolstered by strong investor patronage, as the NGX Oil/Gas index revved up by 5.17%
As measured by market breadth, market sentiment was positive (2.1x), as 27 tickers gained relative to 13 losers. MRS (+10.0%) and NNFM (+9.9%) recorded the highest gains of the day. Meanwhile, SUNUASSUR (-8.1%) and MBENEFIT (-7.7%) topped the losers’ list.
Sectoral performance was mixed, as the Banking (-0.4%) and Insurance (-0.4%) indices declined, while the Consumer Goods and Industrial Goods indices closed flat. The Oil & Gas (+5.2%) index was the sole gainer for the day. #Stock Market Edges Higher as MTNN, SEPLAT Rally
