Buying Interest in Transcorp Names, MTNN Changed Market Direction
The equities market halted its bearish trade due to renewed interest in Transcorp names (Transcorp Hotels Plc and Transcorp Plc) listed on the Nigerian Exchange, supported by MTN Nigeria recovery from selloffs.
The buying interest altered equities market direction after midday report suggest the bears are still on rampage in the local bourse.
The renewed positive sentiment driven by interest in Transcorp Hotels and Transnational Incorporation lifted the market performance indicators higher by +0.05%, although market breath ended on a negative note. Equities market year to date performance increased slightly, reaching 31.3% from 31.2% in the previous day.
The market recorded buying interest in MTNN, TRANSCOHOT, and 14 others on Thursday after selling rallies that have persisted for six weeks with intermittent daily gains.
At the end of the trading session, market index or All-Share Index increased by 48 basis, representing a rise of +0.05% to close at 98,169.30 points. However, market activities slide, according to stockbrokers. Total volume and total value traded dropped by -24.90% and -31.95% approximately.
According to Atlass Portfolios Limited, about 297.20 million units valued at β¦6,516.10 million were transacted in 7,417 deals.
ZENITHBANK was the most traded stock in terms of volume, accounting for 16.34% of the total volume of trades. The bank was followed by ACCESSCORP (13.44%), TRANSCORP (9.60%), UBA (7.73%), and NB (6.84%) to complete the top 5 on the volume chart.
Also, ZENITHBANK was also the most traded stock in value terms, with 27.20% of the total value of trades on the exchange. TRANSCOHOT topped the advancersβ chart with a price appreciation of 9.75 percent each, trailed by LIVESTOCK which grew by +9.42%.
On the gainers chart are: TANTALIZER (+9.38%), SUNUASSUR (+7.44%), WAPIC (+6.15%), UNITYBNK (+4.57%), and ten others. Twenty-four stocks depreciated, according to information from the Lagos bourse. STERLINGNG was the top loser, with a price depreciation of -9.69%.
On the loser chart are: INTENEGINS (-9.30%), OMATEK (-8.43%), FBNH (-6.33%), WEMABANK (-4.29%), and JAPAULGOLD (-2.38%).
Despite the bullish performance, the market breadth closed negative, recording 16 gainers and 24 losers. Also, the market sector performance closed negative, as three of the five major market sectors declined.
The Oil & Gas sector shed 1.41%, the Banking sector lost -1.10%, and the Consumer goods sector fell by 0.05%. Meanwhile, the Insurance sector grew by +0.88%. The Industrial sector closed flat.
Overall, the equities market capitalisation of the Nigerian Exchange rose by N27 billion to close at β¦55.52 trillion. #Buying Interest in Transcorp Names, MTNN Changed Market Direction
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