By David Akinmola
Investor sentiment remained positive on the Nigerian Exchange Limited (NGX) yesterday as gains recorded by MTN Nigeria Communications Plc, Livestock Feeds Plc and Vitafoam Nigeria Plc lifted market capitalisation by N99.15 billion.
At the close of trading, the market capitalisation rose from N75.745 trillion to N75.844 trillion, while the All-Share Index (ASI) advanced by 157.17 points, representing a gain of 0.13 per cent, to close at 120,783.31 points from 120,626.14 points recorded the previous day.
The upturn was driven by renewed buying interest in selected large-cap and mid-cap stocks, extending the market’s positive performance as investors continued to position for earnings growth and dividend opportunities.
MTN Nigeria led the gainers’ chart, appreciating by 10 per cent to close at N451.00 per share. Livestock Feeds followed with a gain of 10 per cent to N11.88, while Vitafoam Nigeria added 10 per cent to settle at N88.00 per share.
Other notable gainers included Omatek Ventures, which rose by 9.92 per cent to N1.44, and Neimeth International Pharmaceuticals, which appreciated by 9.89 per cent to close at N7.11 per share.
Conversely, International Energy Insurance topped the losers’ table, shedding 10 per cent to close at N2.16 per share. The Initiates Plc lost 9.91 per cent to N11.36, while Eterna Plc declined by 9.90 per cent to N41.40 per share.
Trading activity also improved as investors exchanged 787.3 million shares valued at N18.6 billion in 24,532 deals, compared with 721.4 million shares worth N17.9 billion traded in 22,614 transactions in the preceding session.
Market analysts attributed the positive performance to sustained bargain hunting in fundamentally sound stocks and growing confidence in the outlook for corporate earnings despite prevailing macroeconomic challenges.
Sectoral performance was mixed, with gains in the telecommunications, consumer goods and industrial goods segments offsetting losses in some insurance and oil and gas counters.
With the latest advance, the equities market has maintained its upward trajectory, reflecting investors’ continued appetite for quality stocks amid expectations of stronger corporate performance and improving economic fundamentals.
