MTNN lifts NSE out of red zone

The Nigeria stock closed in the green zone on Tuesday February 11, 2020 –thanks to gains in shares of telecoms giant, MTNN.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased by 0.36percent while the year-to-date (ytd) return stood further positive at +3.84percent.

Investors gained N52billion despite that 12 stocks gainers as against 15 losers.

The market was majorly lifted by the gain in MTNN (+435basis points (bps) which mitigated the impact of losses in the Consumer goods, Industrial goods, Insurance and Banking sectors.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased from 27,772.19 points to 27,871.90 points, while the value of listed equities rose from N14.464trillion to N14.516billion.

“We expect the market to remain pressured on low prices of crude oil due to weakening global demand,” FBNQuest said in its February 11 note.

In 3,690 deals, equity investors exchanged 276,268,300 units valued at N3.70billion. UBA, GTBank, Zenith, Japaul and ETI were actively traded stocks on the Bourse.

Market watchers expect a mixed trading session on Wednesday, with profit taking in some counters and bargain hunting in others.

MTNN share price increased from N115 to N120, adding N5 or 4.35percent while UACN followed after rising from N8.5 to N9.3, adding 80kobo or 9.41percent. On the losers table, MRS followed after its share price dropped from N15.3     to N13.8, losing N1.5 or 9.80percent and International Breweries Plc which decreased from N8.5 to N7.75, after losing 75kobo or 8.82percent.