MTN Plc’s shares, yesterday, contributed significantly to lift the stock market higher by 0.8 % amid the Nigerian Communications Commission, NCC’s approval of a 50% tariff hike for telecommunication services.
Specifically, the major stock market performance indicator, NGX All-Share Inadex, ASI advanced by 0.8% to close at 103,137.99 bases points from 102,370.36 points it closed the previous day, pushing the Year-to-Date, YtD return to 0.2%.
Furthermore, another stock market performance indicator, market capitalisation, which represents the total value of listed stocks on the Exchange rose by N471 billion to close at N 63.332 trillion from N 62.861 trillion the previous day.
However, market analysis showed that the total volume of trades declined by 64.8% to 440.32 million units, valued at N11.97 billion, and exchanged in 13,087 deals.
LASACO was the most traded stock by volume at 108.04 million units, while Seplat was the most traded stock valued at N3.54 billion.
On sectors performance, the Insurance Index gained 1.0% and Banking Index up by 0.3% while the Consumer Goods Index declined by -0.4% and Oil & Gas Index down by -0.4%.
The Industrial Goods Index closed flat. As measured by market breadth, market sentiment was positive as 29 stocks gained relative to 27 losers.
MTN led gainers by 10.0% followed by SCOA 9.9%, while NSL TECH led losers chat declining by -9.9% and Abbey Mortgage Bank dropping by -9.1%.
Peoplesmind
