The Nigerian equities market on Wednesday extended positive stance with a gain of N408 billion, driven by the bullish run in the shares of Dangote Cement and MTN Nigeria Communications.
Specifically, the market capitalisation inched N408 billion or 3.07 per cent in seven hours of trading to close at N13.718 trillion against N13.310 trillion on Tuesday.
Also, the All Share Index (ASI) garnered 927.01 points, representing a growth of 3.07 per cent to close at 31,145.15 in contrast with 30,218.14 achieved on Tuesday.
The performance was largely driven by price appreciation in Dangote Cement, MTN Nigeria, GlaxoSmithKline Consumer Nigeria, Vitafoam Nigeria and UACN.
Analysts at Afrinvest Ltd. noted that “in spite of the weak investors’ sentiment, we expect the rally in MTN Nigeria and renewed interest in Dangote Cement to continue to buoy market performance in the near term.”
Also, Cordros Capital Ltd. expected the rally in the equities market to persist in the short term, following sustained interest in MTN Nigeria shares.
Market breadth remained negative, with 12 gainers versus 27 losers.
MTN Nigeria recorded the highest price gain of 9.98 per cent to close at N144.85, per share.
Vitafoam Nigeria followed with a gain of 9.82 per cent to close at N4.25, while Dangote Cement appreciated by 9.73 per cent to close at N203 per share.
Thomas Wyatt Nigeria rose by 8.11 per cent to close at 40k, while University Press appreciated by 5.88 per cent to close at N1.80 per share.
On the other hand, Law Union and Rock Insurance led the losers’ chart by 9.09 per cent to close at 40k per share.
Ecobank Transnational Inc. followed with a decline of 8.50 per cent to close at N9.15, while Japaul Oil and Maritime Services depreciated by 8.33 per cent to close at 22k per share.
Courteville Business Solutions went down by eight per cent to close at 23k, while Nestle Nigeria depreciated by 7.69 per cent to close at N1,320, per share.
Total volume traded depreciated by 12.22 per cent as investors bought and sold 294.57 million shares worth N17.47 billion achieved in 4,835 deals.
This was against 335.59 million shares valued at N17.19 million traded in 4,454 deals on Tuesday.
Transactions in the shares of MTN Nigeria topped the activity chart having accounted for 93.72 million shares worth N13.58 billion.
Access bank traded 21.4 million shares valued at N127.87 million, while Guaranty Trust Bank sold 16.55 million shares worth N516.62 million.