Stock market remains bullish, gains further by 0.24%

The bullish note was as a result of bargain buying on MTN Nigeria and other 16 stocks.

News Agency of Nigeria • February 14, 2023

Nigerian Stock Market trade floor (Photo Credit: Bloomberg)

The Nigerian Equity market further maintained a bullish note with bargain buying on MTN Nigeria and other 16 stocks.

Specifically, the All-Share Index inched higher by 131.64 points or 0.24 per cent to close at 54,496.31 from 54.364.67 achieved on Monday.

As a result, the Year-to-Date (YTD) return rose to 6.33 per cent.

Similarly, the market capitalisation gained N73 billion to close at N29.683 trillion compared with N29.610 trillion posted on Monday.

The upturn was impacted by gains recorded in large and medium capitalised stocks, which are; MTN Nigeria, WAPCO, Access Holdings, amongst others.

Market sentiment closed positive with 17 gainers in relation to 14 losers.

Tripple Gee dominated the gainers’ chart in percentage terms by 9.49 per cent to close at N1.50 per share.

Courteville Business Solutions followed with 8.33 per cent to close at 52k, while Chmas rose by 7.41 per cent to close at 29k per share.

Guinness Nigeria improved by 6.35 per cent to close at 67k while Prestige Assurance appreciated by five per cent to close at 42k per share.

On the other hand, International Energy Insurance led the losers’ chart in percentage terms by 6.20 per cent to close at N1.21per share.

Livestock followed with 5.45 per cent to close at N1.04 while Unity Bank lost 3.77 per cent to close at 51k per share.

Fidson Pharmaceutical lost 3.75 per cent to close at 51k while Transcorp shed 3.10 per cent to close at N11.25 per share.

Meanwhile, the total value of shares traded rose by 80.23 per cent to 177.92 million shares valued at N5.69 billion and exchanged in 3,617 deals.

This was in contrast with 140.84 million shares valued at N3.16 billion traded in 3,553 deals on Monday.

Transactions in the shares of BUA Foods topped the activity chart with 50.01 million shares valued at N3.72 billion.

United Bank for Africa (UBA) followed with 25.73 million shares worth N214.88 million while Access Bank traded 11.37 million shares valued at N104.88 million.

Sterling Bank traded 8.30 million shares worth N12.74 million while Computer Warehouse Group transacted six million shares worth N4.93 million.

(NAN)

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