NGX All-Share index up by 1.63% w/w, MTN Nigeria hits 52-week high as investors double down bets

Closing the week, the Nigerian Exchange ended the session on a positive note, bringing the All-Share index up by 1.63% w/w to close at 149,433.25 points.

Over the course of the week, strong performances in MTNN Nigeria Plc which hits a new 52 weeks high in the Nigerian stock market on Friday as investors doubled down on their bets on telecommunication company stock.

The telco company’s share price rose to N531.70 on Friday, according to its trading data obtained from the Nigerian Exchange. The positive price movement followed increased trading activities on the telecom company shares.  Data showed that the telecom company share price surged by 7.26% over a huge trading volume of 2.643 million transacted at the total value of N1.383 billion on Friday.

Trading activities in MTN Nigeria Plc have been relatively strong, and the price surge suggests activities of buy-side actors taking positions ahead of Q4 earnings. At the close of the trading session, the market value of MTN Nigeria’s 20.996 billion outstanding shares in the Nigerian bourse has increased to N11.163 trillion.
GTCO, and ZENITHBANK drove the market’s positive performance, outweighing losses in ACCESSCORP, OANDO, and UBA.

Consequently, the year-to-date (YTD) return rose to 45.18% from 42.86% recorded in the prior session, while the market capitalization gained N1.54trn w/w to close at N95.26trn.

Today, the NGX closed 1.00% stronger, buoyed by interests in MTNN (+7.26%), GUINNESS (+10.00%), and NASCON (+8.17%) offset selloffs in EUNISELL (-9.89%), CHELLARAM (-9.90%) and ETRANZACT (-10.00%). keeping the market in the positive terrain, with the market capitalisation gaining N945.20bn today.

Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 135.87%. A total of 571.69m shares valued at N29.04bn were exchanged in 20,418 deals. ACCESSCORP (-0.50%) led the volume chart with 106.07m units traded, while TRANSPOWER (+0.00%) led the value chart in deals worth N13.13bn.

Market breadth closed positive at a 1.20-to-1 ratio with advancing issues outnumbering the declining ones. GUINNESS (+10.00%) topped twenty-nine (29) others on the leader’s table while ETRANZACT (-10.00%) led twenty-four (24) others on the laggard’s log.