MTNN, others spur NGX highest daily gain of N1.2trn

…Year-to-date return now +11.36%

Nigeria’s equities market firmed its record rally on Thursday, the fourth consecutive gain this week, as investors bought mostly the shares of MTNN, Oando, and NGX Group.

The market gained about N1.16 trillion at the close of trading, its highest daily rally this week. The market’s return year-to-date (YtD) has risen by 11.36 percent driven by a 2.57 percent increase in the four-day trading week ahead of public holidays on Friday, June 6 and Monday, June 9, to mark this year’s Eid-ul-Adha celebration.

At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation moved further high by 1.63 percent from the preceding day’s lows of 112,781.73 points and N71.118 trillion respectively to 114,616.75 points and N72.275 trillion.

Read also: Oando, Legend Internet, other stocks push NGX-ASI further high by 0.32%

MTNN rallied the most, from N290.20 to N319.20, up by N29 or 9.99 percent. Also, Oando moved from N51.70 to N56.85, adding N5.15 or 9.96 percent. NGX Group rose from N36 to N39.60, up by N3.60 or 10 percent.

Champion Breweries increased from N7 to N7.70, adding 70kobo or 10 percent. Morison rose from N2.93 to N3.22, up by 29kobo or 9.90 percent.

Ahead of Thursday’s trading, analysts at Lagos-based Vetiva expected the trading session to be hinged on dividend-driven flows.

“With several counters approaching qualification dates, expect selective buying to underpin prices. In the absence of fresh macroeconomic triggers, trading may remain sideways as investors lock in dividends and rebalance their portfolios,” they added.

Stocks like Fidelity Bank, Legend Internet, Zenith Bank, Japaul Gold and GTCO were actively traded stocks. In 16,410 deals, investors exchanged 1,461,852,520 shares worth N33.473 billion.