MTNN, GUINNESS Gains Push Stock Market Cap Upward
Price appreciation in MTN Nigeria, GUINNESS and Lafarge WAPCO drove the Nigerian Exchange (NGX) market capitalisation upward amidst scarcity of new Naira notes that has forced local banks to lock their doors to customers.
Following the buying interest, MTNN gained 1.5% while GUINNESS popped up 6.3% and WAPCO jumped high 0.8% on Tuesday in a sustained rally in the local bourse as the market performance indicators advanced by +0.24%.
Consequently, the year-to-date return improved to 6.3% from 6.1% while market capitalisation advanced by ₦71.7 billion to ₦29.6 trillion from ₦29,610.97 trillion, according to data from the domestic bourse. The All-Share Index inched higher by 131.64 basis points today, representing an increase of +0.24% to close at 54,496.31.
Stockbrokers told investors that market activities were up amidst heavy bargain hunting in growth stocks. Total volume and total value traded for the day rose by +26.33% and +80.23% respectively.
In its market brief, Atlass Portfolios stated that approximately 177.92 million units valued at ₦5,693.05 million were transacted in 3,617 deals.
BUAFOODS was the most traded stock in terms of volume, accounting for 28.11% of the total volume of trades, followed by UBA (14.46%), ACCESSCORP (6.39%), STERLNBANK (4.67%), and CWG (3.37%) to complete the top 5 on the volume chart,.
Similarly, BUAFOODS happened to be the most traded stock in value terms, with 65.35% of the total value of trades on the exchange. TRIPPLEG topped the advancers’ chart with a price appreciation of 9.49 percent.
The company was trailed by COURTVILLE (8.33%), CHAMS (7.41%), GUINNESS (6.35%), PRESTIGE (5.00%), and twelve (12) others.
Nineteen stocks depreciated, where INTENEGINS was the top loser, with a price depreciation of -6.20%, as LIVESTOCK (-5.45%), UNITYBNK (- 3.77%), FIDSON (-3.75%), and TRANSCORP (-3.10%) also dipped in price.
There was selloffs in ZENITH (-1.4%), FIDELITY (-1.1%), AIICO (- 1.7%), and CORNERST (-1.6%), while stockbrokers reported that market breadth closed negative, recording 17 gainers and 19 losers.
Nonetheless, the market sector performance closed par, as the Consumer goods and the Industrial sectors were up by +0.41% and +0.04% accordingly, while the Banking and Insurance sectors reduced by -0.53% and -0.23% respectively. The Oil & Gas sector was unchanged. #MTNN, GUINNESS Gains Push Stock Market Cap Upward
