NGX sustains growth by N34bn on MTNN gain Shares


Lagos, June 3, 2021 The domestic bourse extended positive growth on Thursday to close upbeat with N34 billion following investors interest in MTN Nigeria Communications (MTNN).
Consequently, the market capitalisation inched higher by N34 billion or 0.17 per cent to close at N20.092 trillion against N20.058 trillion achieved on Wednesday.
Also, the All-Share Index advanced by 65.72 points or 0.17 per cent to 38,548.24, from 38,482.52 on Wednesday.
Accordingly, month-to-date gain increased to 0.3 per cent, while year-to-date loss moderated to 4.3 per cent.
The bullish performance was a result of investors’ interest in all major sectors except the banking sector.
The market upturn was driven by price appreciation in large and medium capitalised stocks, amongst which are MTNN, Berger Paints, Nigerian Breweries, Africa Prudential and United Capital.
Analysts at Afrinvest Ltd. expressed optimism that the market would close for the week positive.
The market sentiment, as measured by market breadth, was positive, with 19 gainers relative to 15 losers.
University Press led the gainers’ chart in percentage terms with 10 per cent to close at N1.54 per share.
Berger Paints followed with 9.84 per cent to close at N6.70, while John Holt rose by 9.43 per cent to close at 58k per share.
Associated Bus Company grew by 8.82 per cent to close at 37k, while Africa Prudential gained 6.90 per cent to close at N6.20 per share.
On the other hand, Computer Warehouse Group drove the losers’ chart in percentage terms by 9.63 per cent to close at N1.69 per share.
Union Bank trailed with 6.72 per cent to close at N5.55, while Sovereign Trust Insurance lost 6.67 per cent to close at 28k per share.
Courteville Business Solutions dipped 4.76 per cent to close at 20k, while Japaul Gold and Ventures shed 3.39 per cent to close at 57k per share.
Overall, the total volume of trades increased by 59.13 per cent to 249.69 million shares valued N1.88 billion exchanged in 3,524 deals.
This was in contrast with a total of 156.91 million shares worth N1.33 billion achieved in 3,273 deals on Wednesday.
Transactions in the shares of Sovereign Trust Insurance topped the activity chart with 35.51 million shares valued N9.73 million.
Zenith Bank followed with 27.51 million shares worth N632.28 million, while FCMB Group traded 22.69 million shares valued N72.23 million.
AXA Mansard Insurance sold 16.87 million shares worth N15.18 million, while Fidelity Bank transacted 14.54 million shares valued N32.33 million

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Godwin Okafor
Godwin Okafor
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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