Nigerian Stock Exchange Gains N221bn on MTN Sentiment

Trading floor stock exchange market nseTrading Floor Stock Exchange Market NSE
  • Nigerian Stock Exchange Gains N221bn on MTN Sentiment

The Nigerian Stock Exchange (NSE) opened the week strong as investors were once again optimistic following MTN Nigeria listing.

The NSE All-Share Index gained 174 basis points to close at 29,374.47 points, while market capitalisation of listed equities grew from N12.717 trillion it closes on Friday to N12.938 trillion on Monday. Representing an increase of N221 billion.

The year-to-date return moderated from about -8 percent a week ago to -6.5 percent on Monday.

The positive momentum was attributed to the strong performance recorded by large-cap companies after MTN Nigeria was listed last week.

MTN Nigeria led top traded stocks by value, MTN Nigeria (51.4 million units), FBN Holdings Plc (17.5 million units) and United Bank for Africa Plc (17.2 million units) were the top traded stocks by volume while MTN Nigeria (N6.2bn), Guaranty Trust Bank Plc (N464.5m) and Nigerian Breweries Plc (N307.8m).

A total of 214.421 million shares worth N7.932 billion were transacted in 4,644 deals.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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