MTN Nigeria recorded a 1.99% gain, representing an equity gain of N81.9 billion on the final trading day of the week.
The gains posted by the stock were the major factor in the 0.04% marginal gain posted by the NGX during the day. The NGX posted an All-Share Index of 100,539.4 points, from yesterday’s 100,503.21. There was also a marginal N30 billion rise in the overall market capitalization to N56.93 trillion from yesterday’s N56.90 trillion.
Although the market continued its bullish run, the market breadth was negative, as there were 28 losers in contrast with 17 gainers. Market activities today were also the slowest this week, as the trading volume declined by 3.6% to 372.60 million shares.
This week, the NGX appreciated by 0.87%, reflecting one of the best trading weeks this year.
Market Highlights
Top gainers: The top gaining stock in the market today was Sovereign Trust Insurance which gained 4.26% to close at N0.49. Custodian Investment followed with a 4.17% gain and NAHCO gained 3.41%. The Initiates gained 3.37% and FCMB Group posted a 3.25% gain.
Top losers: During the trading day, Cutix Plc was the top decliner, as investors took profit from the 42% gain recorded between Monday and Thursday. Cutix declined by 8.55%.
- Associated Bus Company (ABCTRANS) declined by 8.33% to close at N0.77, followed by Tantalizers Plc, which declined by 8.16% to close at N0.45.
- Red Star Express Plc declined by 5.28% to close at N3.95 and WAPIC Insurance declined by 5.00% to close at N0.76.
Top traded stocks: FCMB Group, one of the top gainers, recorded a turnover volume of 114.121 million shares.
- Jaiz Bank Plc, which declined by 3.56% recorded a turnover volume of 103.346 million shares.
- There was intense trading activity on United Capital stock, as it recorded a turnover volume of 56.76 million shares.
- GTCO Holdings posted a 0.77% decline and a turnover volume of 37.548 million shares. Universal Insurance posted a turnover volume of 33.35 million shares.
- In terms of value, United Capital was the top traded stock with N2.29 billion, followed by GTCO which recorded a turnover value of N1.70 billion.
- Zenith Bank Plc posted a turnover value of N1.10 billion and a 0.54% decline. FCMB posted a turnover value of N896.12 million and UBA declined by 1.93% and recorded a turnover value of N450.28 million.
SWOOTs and FUGAZ Update
There were mixed trading sentiments for stocks worth over one trillion, as MTN Nigeria posted a 1.99% gain, while GTCO and Zenith Bank posted 0.77% and 0.54% declines respectively.
Tier-1 banking stocks recorded bearish sentiments, as FBNH, UBA, GTCO, and Zenith Bank posted 3.29%, 1.93%, 0.77%, and 0.54% declines respectively. Access Holdings recorded no price change.