MTN, Zenith Bank, Dangote Sugar raise equity market by N563bn

The Nigerian stock market on Friday, March 8, 2024, ended the week with N563 billion gain, following buy interests in MTN Nigeria, Zenith Bank, and Dangote Sugar Plc.

The market capitalisation which opened at N56.730 trillion, gained 0.99 per cent or N563 billion to close at N57.293.

The All-Share index also rose by 0.99 per cent or 996 points to close at 101,330.85, as against 100,335.3 recorded on Thursday.

Buy interests in MTN Nigeria, Zenith Bank, Dangote Sugar, Geregu Power, and BUA Cement drove the market’s positive performance.

Consequently, the Year-To-Date (YTD) return rose to 35.52 per cent.

Analysis of the market activities showed that trade turnover was higher than the previous session, with the value of transactions up by 12.11 per cent.

Dangote Cement, MTN lose as equity market drops by 1.23%

Meanwhile, the market breadth closed positive with 28 equities on the gainer’s table and 21 others on the laggard’s.

On the gainer’s table, MTN led by 9.99 per cent to close at N221.40, Dangote Sugar followed by 9.98 per cent to close at N55.65 per share.

National Salt Company of Nigeria (NASCON) gained 9.97 per cent to close at N52.40, Ikeja Hotel added 9.87 per cent to close at N6.68, while Deap Capital Management and Trust Plc rose by 8.62 to close at 63k per share.

Conversely, FTN Cocoa Processors led the losers table by 9.80 per cent to close at N1.38, C&I Leasing lost 8.66 per cent to close at N3.48, Guinness Nigeria shed 8.39 per cent to close at N42.05 per share.

Also, Guinea Insurance trailed by 7.89 per cent to close at 35k, ABC Transport dropped 7.69 per cent to close at 78k per share.

Meanwhile, 358.12 million shares valued at N19.88 billion were exchanged in 10,786 deals, compared to 554.72 million shares worth N17.73 billion exchanged in 9,708 deals posted previously.

Transcorp led the activity chart in volume with 92.87 million shares valued at N1.57 billion, TransPower followed in value with 30.51 million shares worth N11.65 billion.

United Bank of Africa (UBA) sold 26.19 million shares worth N520.23 million, Access Corporation traded 23.28 million shares valued at N465.45 million.

Guaranty Trust Holding Company (GTCO) also sold 18.04 million shares worth N734.49 million.

The Star