80 total views, no views today
Nigerian stock market gained N372billion on Tuesday as investors rushed to buy the shares of MTN Nigeria Communications Plc (MTNN).
The shares of MTN Nigeria Communications Plc (MTNN) reached a new high of N131.7 per share on Tuesday May 21, 2019, having rallied by N11.95 or 9.98percent (permissible limit) as at 10:15 am.
The Nigerian bourse continued to thrive on the back of the MTNN listing, recording its highest session of gains since December 24, 2018 and highest turnover since March 2018. MTNN accounted for 85percent of turnover for Tuesday.
The All Share Index (ASI) rose by 288 points or 2.88percent and closed at 30,254.89points for the first time since April 23, 2019; against preceding day low of 29,373.40 points. Negative year-to-date (ytd) return has moderated to -3.86percent.
In 4,453 deals, dealers exchanged 335,599,980 units valued at N17.185billion. Dangote Cement Plc stock was also up, from N178 to N185, adding N7 or 3.93percent; while Forte Oil Plc advanced from N25.55 to N27.8, adding N2.25 or 8.81percent. On the losers table, Unilever Nigeria Plc led others after its shares dipped from N32 to N31, losing N1 or 3.13percent.
The value of listed stocks also increased from N12.937trillion to N13.309trillion, representing an increase of about N372billion in one day.
The rally speaks to the significance on this new listing and to the strength of the stock and company.
Taking a cue from the daily permissible limit of 10 percent which MTN Nigeria stock attains on daily basis since its listing, if demand continues to outweigh supply, it is surely off to reaching a high of N200 per share in the next 8 trading days to May 31. MTNN shares have gained N848billion in 4 days.
Analysts’ foresee investors taking profit on MTNN which has rallied 46percent in … Read More...