MTNN, Transcorp, others help NGX resist laggards entry

Nigeria’s equities market failed to stay on Tuesday’s negative path, thanks to investors who bought stocks like MTNN, Transcorp, Honeywell Flourmills, AIICO and LivingTrust Mortgage Bank.

Futureview research analysts had in their January 6 weekly stock recommendations expected the bullish momentum to persist this week, “underpinned by sustained investor confidence in key sectors”.

At the close of trading on Wednesday, investors gained about N507billion as the market went up by 0.80 percent, pushing this year’s return to 1.27 percent.

Ahead of Wednesday’s trading, analysts at Lagos-based Vetiva who anticipated selective buying to guide market action said “investor sentiment appears cautious, likely influenced by higher fixed-income yields”.

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MTN N rallied most from N200 to N220, adding N20 or 10percent. It was followed by Transcorp which moved from N45 to N49.50, adding N4.50 or 10percent.

Also, Honeywell Flourmills rose from N7.54 to N8.29, adding 75kobo or 9.95 percent. AIICO Insurance, another major advancer moved from N1.71 to N1.88, adding 17kobo or 9.94 percent, while LivingTrust Mortgage Bank rallied from N4.38 to N4.81, adding 43kobo or 9.82 percent.

The Nigerian Exchange (NGX) All-Share Index (ASI) and Market Capitalisation increased from preceding trading day’s lows of 103,398.82 points and N63.051 trillion respectively to 104,230.73 points and N63.558 trillion.

In 13,551 deals, investors exchanged 756,417,525 shares worth N24.692billion. FBN Holdings, Tantalizers, Universal Insurance, AIICO and Chams were actively traded.