Equities market moves further high by 0.07%

Nigeria’s stock market closed further in the green zone on Thursday by 0.07 percent (N25billion), its fourth consecutive rise this week.

At the close of equities trading session, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation increased further from preceding trading day’s lows of 70,773.31 points and N38.885trillion respectively to 70,819.49 points and N38.910trillion.

Stocks like UACN, UPDC, Mecure, Japaul Gold and SCOA occupied the league of top advancers the pushed the market higher on Thursday. UACN rose from N14.75 to N16, adding N1.25 or 8.47percent. The share price of newly listed Mecure rose from N3.25 to N3.57, adding 32kobo or 9.85percent, while Japaul Gold rose from N1.67 to N1.83, adding 16kobo or 9.58percent.

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The stock market’s return year-to-date (YtD) stood further high at +38.18 percent. Shares of Japaul Gold, Stanbic IBTC Holdings, UBA, FBN Holdings and Fidelity Bank were actively traded. In 6,169 deals, investors exchanged 569,194,836 shares valued at N16.790billion.

MTNN notified the Nigerian Exchange Limited (NGX) and the investing public of the successful completion of its series 8 and 9 Commercial Paper (CP) issuance programme.

MTNN sought to raise N52.895billion across both series and the offer was fully subscribed. The CP issuance aligns with MTNN strategy to reduce its average costs of debt and diversify its funding sources. The proceeds will be applied towards short-term working capital requirements.

MTNN issued 182-day commercial papers at a yield of 14 percent and 267-day commercial papers at a yield of 16 percent. The issuance was completed on Tuesday, November 7.