Zenith Bank, MTN, others boost market capitalisation by N578bn gain

Investors’ renewed interest in MTN Nigeria, Zenith Bank, Guaranty Trust Holding Company (GTCO), and other stocks on Thursday made the equity market to gain N578 billion.

Notably, the market capitalisation of listed equities on the Nigerian Exchange Ltd. (NGX) rose from N55.130 trillion to N55.708 trillion, reflecting a 1.05 per cent increase.

Similarly, the All-Share Index advanced by 1.05 per cent or 1,017.3 points, closing at 98,116.27 compared to 97,098.98 recorded on Wednesday.

As a result, the Year-To-Date (YTD) return climbed to 31.22 per cent.

Market breadth also closed positive with 23 gainers and 19 losers.

On the gainers’ log, Unilever, Vitafoam and MTN Nigeria led by 10 per cent each to close at N18.70, N19.25 and N198 per share, respectively.

Okomu Oil followed closely by 9.99 per cent to close at N353.30 and Oando Plc gained 9.97 per cent to close at N36.95 per share.

Conversely, United Capital led the losers’ log by 9.94 per cent to close at N14.50, Abbey Mortgage Bank trailed by 8.05 per cent to close at N2.40 per share.

Sterling Nigeria lost 5.66 per cent to close at four Naira, Ikeja Hotel dropped 5.56 per cent to close at N6.80 and Chams decreased by 5.38 per cent to close at N2.11 per share.

Meanwhile, market activities showed trade turnover settled higher relative to the previous session,with the value of transactions up by 18.45 per cent.

A total of 791.78 million shares valued at N15.13 billion were exchanged in 9,059 deals by investors, compared to 636.50 million shares worth N12.77 billion that exchanged hands in 9,744 deals posted previously.

NEM Insurance led the activity chart in volume with 187.51 million shares worth N1.31 billion, Access Corporation followed with 115.98 million shares valued at N2.20 billion.

GTCO, again, led the chart in value with 109.92 million shares worth N5.06 billion, Abbey Mortgage Bank sold 50.72 million shares valued at N121.74 million.

United Bank For Africa(UBA) traded 44.63 million shares valued at N934.39 million