Nigerian Stock Market Sustains Bullish Run, Gains N372bn

Nigerian Stock ExchangeNigeria Stock Exchange
  • Nigerian Stock Market Sustains Bullish Run, Gains N372bn

Nigerian Stock Exchange market sustained a bullish run for the fourth consecutive day as more investors jump on the momentum created by the listing of MTN Nigeria.

The market capitalisation of listed equities rose from N12.938 trillion on Monday to N13.309 trillion Tuesday. Representing an increase of N372 billion.

The All Share Index rose by 2.88 to 30,218.14 basis points as buying interest on large-cap stocks continue to aid market sentiment.

The year-to-date loss moderated further to -3.9 percent as activity level advanced by 56.9 percent and value traded grew by 116.7 percent.

Total shares of 335.600 million worth N17.186 billion were exchanged in 4,453 deals on Tuesday. Shares of MTN Nigeria accounted for about 33 percent or 110.718 million shares of the total stock traded.

The stock price of MTN Nigeria rose by 11.95 percent from N119.75 it closed on Monday to N131.70 on Tuesday, bringing its total gained since listed on Thursday to 41.7 percent.

The company also led the chart of top traded stocks by volume with 110.7 million units, closely trailed by others such as FBN Holdings Plc (31.4 million units) and Sterling Bank Plc (26.1 million units).

MTN Nigeria, GTBank and Dangote Cement top the most traded stocks by value, N14.6 billion, N743.5 million and N621.5 million, respectively.

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

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