• Monday, July 15, 2024
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Market gains N276bn as investors buy MTNN, other stocks

Foreigner investors raise further bet on Nigerian stocks

Nigeria’s equities market opened this new week on a positive note as investors showed notable interests in stocks like MTNN, GlaxoSmithKline, and others.

The stock market of Africa’s largest economy increased by 1.26percent or N276billion at the close of Monday’s trading session, pushing this year’s positive return to new high of 5.32percent and month-to-date (MtD) return at +0.89percent.

Share price of MTNN moved from day-open low of N174.50 to N186.80, adding N12.30 or 7.05percent, followed by that of GlaxoSmithKline Consumer Nigeria Plc which increased from N5.65 to N6.05, up by 40kobo or 7.08percent. Meanwhile, NASCON led the losers after dipping from preceding day’s high of N14 to N13.05, up by 95kobo or 6.79percent.

The Nigerian Exchange Limited (NGX) All-Share Index and Market Capitalisation which opened the day’s trading at 41,882.97 points and N21.854trillion respectively increased to 42,411.12 points and N22.130 trillion.

Read also: How to buy MTN stocks on NGX: A step-by-step guide

“Given the bullish sentiment seen in the banking space last week, we saw profit taking activities drag the index down while investors continue to cherry pick some counters across sectors,” said Lagos-based equity research analysts at Vetiva Securities.

The analysts expect a mixed trading session on Tuesday “amid a stronger sell-side interest.”

Shares of Unity Bank, Universal Insurance, FBN Holdings, UPDC REIT, and GTCO were highly traded stocks on the Exchange.

In 4,426 deals, equity dealers exchanged 229,640,539 units valued at N3.289billion.