UBA, MTN Nigeria, 30 Others Lift Stock Market by N273bn

The Nigerian stock market yesterday extended its rally, with N273 billion advance in market capitalisation, attributable to price uptick in United Bank for Africa (UBA), MTN Nigeria Communication Plc and 30 others.

As UBA appreciated by 2.37per cent to N25.90 per share and MTN Nigeria gained 2.26per cent to close at N249.00 per share, the NGX All-Share Index (ASI) gained 482.87 basis points or 0.47 per cent to close at 104,007.31 basis points from 103,524.44 basis points it opened for trading.

The stock market early in the year crossed the 104,000 basis points as investors positioned themselves in penny stocks amid Federal Government economy reforms.

Also, market capitalisation rose by N273 billion to close at N58.807 trillion from N58.534 trillion iit opened for trading.

On sectors, the NGX Banking Index added two per cent, NGX Insurance grew by 0.8per cent and NGX Consumer Goods appreciated by 0.2per cent, while the NGX Industrial Goods and NGX Oil & Gas indices closed flat.

Investor sentiment, as measured by market breadth was positive, as 32 stocks gained relative to 23 losers. ETI and Julius Berger emerged the highest price gainer of 10 per cent each to close at N22.00 and N67.10 respectively, while NEM Insurance followed with a gain of 9.92 per cent to close at N6.65, per share.

RT Briscoe advanced by 8.89 per cent each to close at 49 kobo, while Omatek Ventures rose by 8.70 per cent to close at 75 kobo, per share. On the other side, Skyway Aviation Handling Company led others on the losers’ chart with 10 per cent to close at N22.95, per share. SUNU Assurance followed with a decline of 9.62 per cent to close at N1.41, while May & Baker Nigeria shed 5.90 per cent to close at N5.10, per share.

Lasaco Assurance went down by 5.66 per cent to close at N2.00, while Japaul Gold & Ventures depreciated by 4.35 per cent to close at N2.20, per share.

The total volume traded decreased by 42.21 per cent to 326.945 million units, valued at N9.120 billion, and exchanged in 9,570 deals. Transactions in the shares of Transnational Corporation (Transcorp) led the activity with 38.950 million shares worth N642.226 million. Unity Bank followed with account of 37.202 million shares valued at N69.827 million, while GTCO traded 26.435 million shares valued at N1.172 billion.

United Bank for Africa (UBA) traded 21.289 million shares worth N565.245 million, while FBN Holdings (FBNH) traded 18.615 million shares worth N625.689 million.