Nigerian Stock market gains N15bn on MTNN price rally

Key market indices of the Nigerian Stock Exchange (NSE) on Friday rebounded by 0.12 percent following price appreciation achieved by MTN Nigeria Communications. The News Agency of Nigeria (NAN) reports that MTN Nigeria Communication dominated the gainers’ table with N1.10 to close at N16.10 per share. Vitafoam Nigeria followed with 26k to close at N3.85, while International Breweries added 25k to close at N3.85 per share. GlaxosmithKline gained 20k to close at N4.80, while PZ Cussons appreciated by 15k to close at N4.50 per share.

Consequently, the All-Share Index which opened at 24,276.56 rose by 29.80 points or 0.12 percent to close at 24,306.36. Also, the market capitalisation of listed equities inched higher by N15 billion or 0.12 percent to N12.679 trillion from N12.664 trillion achieved on Thursday. On the other hand, Guaranty Trust Bank topped the laggards’ table, dropping 30k to close at N22.45 per share.

United Bank for Africa trailed with a loss of 15k to close at N6.25, while Zenith Bank lost 5k to close at N16.70, per share. ABC Transport dipped 5k to 51k, while FBN Holdings also declined by 5k to close at N5.20 per share.

An analysis of the activity chart indicates that Sterling Bank was the most active, exchanging 17.66 million shares valued at N22.63 million. Zenith Bank followed with an account of 7.47 million shares worth N47.06 million, while Transcorp sold 7.41 million shares valued at N4.69 million.

Fidelity Bank exchanged a total of 6.20 million shares worth N11.11 million. In all, the volume of shares traded closed lower with an exchange of 131.63 million shares valued at N899.49 million in 3,044 deals. This was in contrast with 192.08 million shares worth N2.47 billion exchanged hands in 3,833 deals on Thursday. (NAN)