The Nigerian Stock Exchange (NSE) All Share Index (ASI) opened this week on a positive note posting its third session of gains since the listing of MTN Nigeria Communications Plc.
The NSE ASI increased by 1.74percent to 29,373.40 points from 28,871.93 points recorded the preceding trading day.
The value of listed stocks also increased from N12.716trillion to N12.937trillion despite that only 16 stocks gained as against 20 losers. The record gains moderated the equities market negative returns year-to-date (YTD) to -6.54percent.
READ ALSO: Nigerian stocks see biggest gain in 2019 as bargain hunters take on market bellwethers
MTN Nigeria recorded the highest price increase from N108.9 to N119.75, adding N10.85 or 9.96percent. Dangote Cement Plc was up from N176 to N178, adding N2 or 1.14percent. Guinness Nigeria Plc was also up from N49.05 to N50.5, adding N1.45 or 2.96percent.
“MTN Nigeria remains the main source of respite for the market and thus, we expect another session of gains on Tuesday in the absence of conflicting market dynamics”, said Vetiva equity research analysts in their May 20 note.
READ ALSO: After a disappointing 2019: Will investors find solace in 2020?
Afrinvest analysts had expected to see increased investors’ appetite for the MTN Nigeria stock particularly in the early days of the week and bargain hunting in fundamentally sound stocks for short term gains. They maintained a bullish outlook for the market in the near-term.
In 4,644 deals, stock investors exchanged 214,420,669 units valued at N7.932billion. Forte Oil Plc stocks price recorded the largest value decline, from N28.35 to N25.55, losing N2.8 or 9.88percent; followed by Access Bank Plc which declined from N6.45 to N6.1, losing 35kobo or 5.43percent. Lafarge Africa Plc was also on the decline table from N10.5 to N10.2, losing 30kobo or 2.86percent.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
