By Dipo Olowookere
The local equity market extended its rally on Tuesday with a 2.88 percent appreciation to further reduce the year-to-date loss to 3.86 percent.
Gains recorded by MTN Nigeria and Dangote Cement influenced the positive performance reported by the Nigerian Stock Exchange (NSE).
It was observed that some investors, as expected, are buying up some fundamentally sound stocks presently trading at their 52-weeks lows as a result of the frenzy around MTN Nigeria, which further rose by 9.98 percent yesterday.
At the close of transactions on Tuesday, the gains posted by MTN Nigeria, Dangote Cement and 14 other stocks pushed the All-Share Index (ASI) back to the 30,000 psychological mark, while the market capitalisation went returned to the N13 trillion region.
Business Post reports that while the ASI increased by 844.74 points to 30,218.14 points from 29,373.40 points of the previous session, the market capitalisation appreciated by N372 billion to settle at N13.310 trillion in contrast to N12.938 trillion in the previous day.
During market yesterday, a total of 20 counters depreciated in value against the 16 price risers, which left the market breadth negative despite the improvement in the major indicators.
MTN Nigeria topped the gainers’ table with N11.95k added to its share price to close for the day at N131.70k per share.
Dangote Cement appreciated by N7 to finish at N185 per unit, while Forte Oil rose by N2.25k to finish at N27.80k per share.
GTBank improved yesterday by 90 kobo to close at N31.30k per unit, while Africa Prudential gained 34 kobo to end at N3.94k per share.
At the other end, Unilever Nigeria dominated the loser’s table after losing N1 from its opening price to close for the day at N31 per share.
Custodian Investment followed with a decline of 50 kobo to finish at N6 per share, with GlaxoSmithKline also going down by 50 kobo to end at N8.50k per unit.
Nigerian Breweries lost 35 kobo yesterday to close at N62.15k per unit, while Juli depreciated by 16k to finish at N1.51k per share.
During trading on Tuesday, the volume of shares traded increased by 56.51 percent from 214.4 million to 335.6 million, while the value also appreciated by 116.66 percent from N7.9 billion to N17.2 billion
MTN Nigeria maintained its position on the activity with a turnover of 110.7 million shares sold for N14.6 billion.
It was trailed by FBN Holdings, which traded 31.4 million units worth N219.4 million, and Sterling Bank, which exchanged 26.1 million equities valued at N60.2 million.
GTBank transacted 23.9 million shares for N743.5 million, while Transcorp sold 21.2 million equities for N26.2 million.
Adedapo Adesanya