NSE halts bearish trend, amid MTN Nigeria listing

nigerian_stock_exchange
Nigeria Stock Exchange trading floor

The Nigerian Stock Exchange (NSE) on Thursday halted nine consecutive days bearish trend following the listing of MTN Nigeria Communications Plc 20.35 billion shares at N90 per share.

The News Agency of Nigeria (NAN) reports that the market capitalisation rose by N1.89 trillion or 17.87 per cent to close at N12.526 trillion against N10.627 trillion recorded on Wednesday.

This was basically as a result of MTN Nigeria Communications listing which added N1.83 trillion to the market capitalisation.

Also, the All Share Index (ASI) gained 152.11 points or 0.54 per cent to close at 28,438.19 compared with 28,286.08 achieved on Wednesday.

Analysts at Afrinvest Limited, said that “Following the significant buying interest on the newly listed MTNN on the exchange, we expect the local bourse to maintain its bullish performance as investors look to extend trade in MTN’s fundamentally sound stock.”

Analysts at Cordros Capital Limited “reiterate our cautious trading pattern in the short term. Meanwhile, we believe stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.”

However, market breadth remain in a negative position, with 10 gainers against 25 losers.

NPF Micro Finance Bank recorded the highest price gain of 9.70 per cent, to close at N1.47, per share.

Associated Bus Company followed with a gain 7.41 per cent to close at 29k, while Wapic Insurance appreciated by 5.56 per cent to close at 38k per share.

Union Diagnostic & Clinical Services went up by 4.35 per cent to close at 24k, while Courteville Business Solutions appreciated by 4.17 per cent to close at 25k per share.

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On the other hand, Unity Bank led the losers’ chart by 9.72 per cent, to close at 65k per share.

Cutix followed with a decline of 8.33 per cent to close at N1.65, while Sovereign Trust Insurance rose by eight per cent to close at 23k, per share.

Wema Bank down by 6.06 per cent to close at 62k, while Africa Prudential shed 5.76 per cent to close at N3.62, per share.

The total volume traded advanced by 76.73 per cent to 312.36 million shares, worth N2.81 billion, and traded in 3,933 deals.

This was in contrast with a turnover of 176.74 million shares valued at N2.08 billion traded in 3,294 deals on Wednesday.

Transcorp was the toast of investors, trading 105.49 million shares valued at N130.1 million.

Access Bank came second with 23.54 million shares worth N153.64 million, while FCMB Group traded 23.17 million shares valued at N39.33 million.

United Bank for Africa (UBA) traded 19.74 million shares valued at N121.52 million, while Zenith Bank transacted 16.41 million shares worth N325.32 million.

(NAN)

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