MTN Aids NGX Equity Market Gain Of N47.54 Billion Despite Negative Market Breadth

Buying pressure continued yesterday in the domestic bourse as investors focused their attention on MTNN, ZENITHBANK, and GTCO's growth in share value.

Thus, the all-share index grew by +0.19% to close at 47,482.73 basis points, which represented an 88.20 bps growth from the previous session position of 47,394.53 basis points.

This increased buying pressure saw 47,482.73 bps become the new 52-week all-time high.

The indicators for the Week-to-Date (W-t-D), Month-to-Date (M-t-D), and Year-to-Date (Y-t-D) grew by +0.33%, +0.19%, and +11.16%, respectively.

Furthermore, the volume of trade grew by 23.20% to close at 370.54 million units traded in 6,045 transactions, compared to the previous session's figure of 300.76 million units traded. The value of shares grew by 183.41% to close at NGN7.85 billion, compared to the previous session's figure of NGN2.77 billion traded.

However, the equity market gained an additional NGN47.54 billion as its cap closed at NGN25,590.61 trillion as against its previous session position of NGN25,543.07 trillion.

FCMB continued to be the biggest player in the volume of trade, with 57.58 million units of shares worth NGN183.9 million traded. MTNN's huge rise in value made it the biggest player in the value of trade, with NGN4.6 billion worth of shares traded.

Some of the notable mentions include ZENITHBANK, with a share value of NGN624.7 million, and TRANSCORP, with a volume trade of 45.2 million units.

As measured by market breadth, the mood in the market was negative as 15 stocks gained, while 31 stocks lost.

The most gains were made by SEPLAT (+9.99%), which closed trading at NGN945.80/unit, ROYALEX (+9.49%), which closed trading at NGN1.50/unit, COURTVILLE (+9.09%), which closed trading at NGN0.60/unit, and VERITASKAP (+4.55%), which closed trading at NGN0.23/unit, while CUTIX (-10.00%), which closed trading at NGN2.43/unit, LEARNAFRCA (-9.96%), which closed trading at NGN2.35/unit, GSPECPLC (-9.79%), which closed trading at NGN3.78/unit, and CAVERTON (-9.68%), which closed trading at NGN1.40/unit, registered the most losses.