NGX-ASI furthers rally by 1.25% as investors buy MTNN, Honeywell, others

For the second time this week, shares of MTNN and Honeywell Flourmills made the list of other major advancers as they were majorly on demand at the Nigerian Exchange Limited (NGX).

The record increases in these stock prices and that of Transcorp Hotels on Thursday than other listed stocks on the Bourse helped the market to close higher by 1.25 percent.

This week, the market has risen by 1.88 percent despite a day of negative close. This year, the market has increased by 2.53 percent.

MTNN share price increased from N220 to N242, adding N22 or 10 percent. It was followed by Honeywell Flourmills which increased from N8.29 to N9.11, after adding 82kobo or 9.89 percent.

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Universal Insurance also rose from 71kobo to 78 kobo, adding 7kobo or 9.86 percent. Transcorp Hotels moved from N116 to N127.35, adding N11.35 or 9.78 percent. Ikeja Hotel rose from N12.35 to N13.50, up by N1.15 or 9.31percent.

Lagos-based Vetiva research analysts who expected another bullish session on Thursday had hinged their optimism on continued buy-side pressure on MTNN and sustained bargain-hunting sentiment.

“There may also be renewed interest in some leading names in insurance. Furthermore, investors will also be watching the latest auction results for insights into the rate trajectory in the secondary market,” the analysts said ahead of Thursday trading.

The Nigerian Exchange (NGX) All-Share Index (ASI) and Market Capitalisation increased from preceding trading day’s lows of 104,230.73 points and N63.558 trillion respectively to 105,530.74 points and N64.351trillion.

Universal Insurance, AIICO, FBN Holdings, Guinea Insurance and Sovereign Trust Insurance were actively traded as investors in 13,010 deals exchanged 489,525,129 shares worth N13.068billion.