Stock market extends growth by N163bn

Transactions on the nation’s bourse maintained positive outlook on Tuesday with the market capitalisation growing further by N163 billion, amid foreign investors interest in Airtel Africa and MTNN.
Consequently, the market capitalisation increased by N163 billion or 0.81 per cent to close at N20.276 trillion against N20.113 trillion achieved on Monday.
Also, the All-Share Index grew by 313.27 points or 0.81 per cent to close at 38,917.99, compared with 38,604.72 posted in Monday.
Accordingly, the month-to-date gain increased to 1.0 per cent, while the year-to-date loss moderated to 3.7 per cent.
The price appreciation was buoyed by buy-interest in large-cap stocks like Airtel Africa, MTN Nigeria Communications (MTNN) and 10 others.
The market positive performance was driven by price appreciation in large and medium capitalised stocks amongst which are; Airtel Africa, MTNN, Unilever Nigeria, Guinness and Cutix.
However, the market breadth closed negatively with 26 losers against 12 gainers.
Wema Bank dominated the gainers’ chart in percentage terms by 5.95 per cent to close at 89k per share.
UACN Property Development Company followed with a gain 5.93 per cent to close at N1.25, while Airtel Africa gained 5.69 per cent to close at N650 per share.
Courteville Business Solutions rose by 4.17 per cent to close at 25k, while Cutix gained 3.95 per cent to close at N5 per share.
Conversely, FTN Cocoa Processors led the losers’ chart in percentage terms by 8.16 per cent to close at 45k per share.
Honeywell Flour Mill followed with 7.78 per cent to close at N1.54, while Mutual Benefits Assurance lost 5.13 per cent to close at 37k per share.
Transcorp lost 5.10 per cent to close at 93k, while Neimeth International Pharmaceuticals shed 5.06 per cent to close at N1.50 per share.
Transactions in the shares of Transcorp topped the activity chart with 17.48 million shares valued at N16.56 million.
Jaiz Bank followed with 16.58 million shares worth N10.24 million, while Honeywell Flour Mill traded 13.04 million shares valued at N19.97 million.
Wema Bank traded 11.36 million shares worth N99.78 million, while Mutual Benefits Assurance transacted 11.11 million shares worth N4.01 million.
In all, the total volume of trades dropped by 5.3 per cent to 231.45 million shares valued at N2.13 billion achieved in 4,651 deals.
This was against a total of 244.29 million shares worth N1.91 billion transacted in 4,609 deals on Monday.