MTNN Revs Up Nigerian Equities Market In Two Days
By Chukwumah Kelechukwu
Stomping to the second position in capitalisation In just two trading sessions, MTN Nigeria Plc has changed the fortunes of the Nigerian Stock Exchange (NSE), moving it away from losses to gain by the close of the week on Friday May 17, 2019.
Trailing Dangote Cement that has N2.999trillion market capitalisation, the telecom giant with the second largest capitalized company with N2.015trillion stock has returned 21 percent after two sessions of Thursday and Friday, effectively wiping off losses from the prior sessions of Monday to Wednesday.
With this development, activities on the platform which had been on steep decline since last year seem to be picking up with renewed investors’ interests.
Share price of MTN Nigeria Plc rose 10 percent to N99.0 on Thursday, and hit N108.99 per share on Friday after netting 10 percent maximum gain driven by strong bids in excess of 263 million against 43 offers.
The shares soared since Thursday, May 16, 2019 after the equity was listed on the NSE Premium Board at N90.0 per share.
The All Share Index which measures performance of equities appreciated 0.08 percent week-on-week (1.5 percent on Friday) to 28,871.93 points while the Market Capitalization rose 17.29 percent to close the week at N12.717 trillion.
Hence, the month-to-date and year-to-date losses moderated slightly to 1.0 percent and 8.1 percent respectively.
On sectorial performance, all sector indices closed lower with the exception of the NSE Premium Index that appreciated 3.60 percent to 2,138.26 index points while the ASeM Index closed flat.
Gain by the NSE Premium Index on which MTN was listed driven by activities on the shares of MTN Nigeria Plc.
The NSE Banking Index booked the highest loss (-4.31 percent), followed closely by the Consumer Goods (-4.13 percent), Industrial Goods (-3.88 percent), Insurance (-3.35 percent), and Oil & Gas (-2.32 percent) indices.
Share price MTN closed at N108.99 per share, after picking maximum 10 percent gain on Friday, up from N99.0 previous day.
A total of 267.838million shares were traded on Friday in 3,684 deals valued at N7.523billion. A total of 48.358million units of MTN valued N2.216million exchanged hands in 49 deals sealed at N108.90 per share.
Week-on-week, a total turnover of 1.172 billion shares worth N17.887 billion in 18,380 deals were exchanged last week by investors in contrast to a total of 1.477 billion shares valued at N10.876 billion that exchanged hands last week in 20,740 deals.
The Financial Services Industry (measured by volume) led the activity chart with 680.592 million shares valued at N7.395 billion traded in 11,035 deals; thus contributing 58.09 percent and 41.34 percent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 266.636 million shares worth N818.249 million in 1,152 deals. The third place was ICT Industry with a turnover of 82.390 million shares worth N6.085 billion in 346 deals.
Trading in the top three equities namely, Transnational Corporation of Nigeria Plc, Access Bank Nigeria Plc and Guaranty Trust Bank Plc (measured by volume) accounted for 421.064 million shares worth N4.681 billion in 3,073 deals, contributing 35.94 percent and 26.17 percent to the total equity turnover volume and value respectively
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