MTN, GTBank Keep Hopes Alive on Nigerian Stock Market

By Dipo Olowookere

The stock market in Nigeria was in joyous mood on Wednesday following the 1.09 percent growth recorded at the close of activities.

This was mainly the handiwork of MTN Nigeria and GTBank, which witnessed heavy buying pressure, erasing the previous day’s losses caused by Nestle Nigeria and Dangote Cement.

The Nigerian Stock Exchange (NSE) was looking like it would suffer another heavy decline at the midweek session following the price depreciation on Dangote Cement stocks, but the rush for GTBank by those interested in its N2.50 per share dividend lifted the market at the last minute.

At the close of business, the All-Share Index (ASI) increased by 246.57 points to 22,789.64 points from 22,543.07 points, while the market capitalisation grew by N128 billion to N11.876 trillion from N11.748 trillion.

LASACO Insurance and MTN Nigeria rose by 10 percent each yesterday to settle at 22 kobo per share and N104.50 per share respectively.

Oando appreciated by 9.95 percent to close at N2.21 per unit, Eterna rose by 9.90 percent to settle at N2.22 per share, while PZ Cussons gained 9.98 percent to N4.45 per unit.

On the flip side, Sterling Bank was the worst performing stock on Wednesday, shedding 10 percent to trade at 99 kobo per share.

Chams lost 9.09 percent to sell at 20 kobo per share, Okomu Oil fell by 8.25 percent to N55.05 per unit, Africa Prudential lost 7.45 percent to stay at N3.23 per unit, while Law Union and Rock Insurance depreciated by 6.80 percent to finish at 96 kobo per share.

The banking counter maintained its upward trend at the midweek session, growing further by 2.07 percent, while the oil and gas index appreciated by 0.84 percent.

However, the consumer goods sector depreciated by 1.53 percent, industrial goods index depreciated by 1.00 percent, while the insurance sector declined by 0.83 percent.

The activity level was mixed yesterday with the volume of trades dropping 0.65 percent to 671.5 million units from 675.9 million units, while the value of transactions rose by 31.26 percent to N10.6 billion from N8.1 billion.