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Nigerian stocks climbed higher on Tuesday as the main equity index added 0.8 per cent or N472 billion on the back of the news of an approved 50 per cent upward tariff adjustment by the Nigerian Communications Commission, fuelling demand for the shares of MTN Nigeria.
Telcos had originally asked the regulator to assent to their plan to hike tariffs.
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MTN Nigeria is the country’s biggest company by market value after Dangote Cement and Airtel Africa, accounting for 8.5 per cent of market capitalisation, making its 10 per cent gain on Tuesday far-reaching.
The NGX Insurance was the best performer of the five sector indexes tracked by the bourse, reporting a 1 per cent improvement, driven by the substantial gains that Universal Insurance and Royal Exchange Insurance recorded.
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“Investors are advised to trade cautiously this week, with a strict focus on equities with strong fundamentals and pending/potential corporate actions,” analysts at investment bank United Capital warned in their outlook for the week.
Market breadth, which measures investors’ sentiment towards trade, was negative as 29 gainers were reported compared to 28 losers.
The all-share index increased 767.6 basis points to 103,138, while market capitalisation jumped to N63.3 trillion
Year to date, the index is up 0.2 per cent.
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TOP FIVE GAINERS
MTN Nigeria led gainers, appreciating by 10 per cent to close at N256.3. SCOA grew 9.93 per cent to end trade at N2.99. Omatek went up by 9.88 per cent to N0.89. Universal Insurance rose to N0.75, notching up 8.70 per cent. CAP completed the top 5, climbing up 8.52 per cent to N47.75.
TOP FIVE LOSERS
National Sports Lottery topped the losers’ chart, declining by 9.88 per cent to close at N0.73. Abbey Building Society shed 9.09 per cent to end trade at N3.30. Sunu Assurance fell to N6.15, losing 8.21 per cent in the process. Deap Capital slumped to N1.05, recording 7.08 per cent depreciation. C&I Leasing closed at N4.10, going down by 6.80 per cent.
