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  • Business - Market Data
  • Updated: December 14, 2021

MTN Nigeria Drives NGX Equity Market Bullish Momentum

As its MTNN IPO (+7.1%) comes to a close today, trading in the NGX equity market kicked off in a bullish mood. The all-share index closed higher by 1.26% to 42,411.12 basis points from its Friday position of 41,882.97 basis points.

Accordingly, the Week-to-Date advanced higher to +1.26%, while the Month-to-Date loss closed at -1.94%.

However, the Year-to-Date gain moderated to +5.32%.

The all-share index fell 1,319.43 basis points behind the 52-week high of 43,730.55 basis points and drifted upward by 8,150.38 basis points from the 52-week low of 34,250.74 basis points

Consequently, the market capitalization benefited from the bullish attitude as it closed at NGN22,130.07 trillion.

Despite NESTLE, DANGCEM, GTCO, and UNITYBNK’s impressive performance, the total volume of trades declined by -48.39% to 229.64 million units valued at NGN3.29 billion which also represents a -3.92% decline from its’ Friday position of NGN3.42 billion exchanged in 4,426 deals.

UNITYBNK was the most traded stock by volume at 48.32 million units, while NESTLE was the most traded stock by value at NGN846.76 million.

Taking a closer look at the volume and value trade section of trade carried out, DANGCEM which following closely NESTLE dominated with NGN745.98 million trades which represents exactly 22.68% of the value segment. While UNIVINSURE with 21.1 Million units dominated the volume segments with 9.19%.

Analyzing by sectors’ performance, the oil and gas (-0.9%), banking (-0.5%), insurance (-0.2%), and consumer (-0.1%) indices declined, while the industrial goods (+0.7%) index was the sole gainer of the day.

As measured by market breadth, market sentiment was positive, as 22 companies’ stocks gained relative to 14 companies’ stocks lost.

The gainers’ chart was dominated by MEYER (+9.1%), ACADEMY (+8.51%), FTNCOCOA (+8.11%), GLAXOSMITH (+7.1%), and MTNN (+7.1%). MTNN for example, closed trading at NGN186.80 after it opened trading at NGN174.50.

Finally, NASCON (-6.8%), CORNERST (-6.00%), WAPIC (-5.9%), OANDO (-4.26%) and CHAMPION (-4.06%) dominated the losers’ chart.

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Okojie Kelvin Echiejile
Okojie Kelvin Echiejile

I am an astute, dedicated, devoted, and intelligent investigator of economic, and financial news and...

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