MTN Adds N126 Billion In Market Boost

MTN Adds N126 Billion In Market Boost
MTN Adds N126 Billion In Market Boost

MTN Nigeria’s market value increased by N126 billion on May 20, bringing its market capitalization from N4.70 trillion to N4.83 trillion.

MTN contributed significantly to the NGX’s bullish run during the trading day, resulting in a 0.05% gain.

On May 20, Access Holdings led in terms of volume and value traded, with 201.31 million shares trading for N3.406 billion.

The NGX All-Share Index closed at 98,176.58 points, up 50.85 points from the previous 98,125.73. Meanwhile, the total market capitalization increased to N55.536 trillion from the previous N55.508 trillion.

On May 20, the market saw 8,439 transactions, up from 6,934 the day before.

The market’s turnover volume increased by 188% to 405.662 million shares, up from 140.772 million shares the day before. However, the value fell 29% to N6.69 billion from the previous day’s N9.42 billion.
McNichols saw the biggest gain of the day, rising 10%. Berger Paints was up 9.72%, while Regal Insurance increased by 9.68%. WAPIC gained 6.15%, while Cornerstone Insurance increased by 5%.

Champion Breweries was the biggest loser, with a 10% price drop.

Other losers included C&I Leasing, which fell 9.8%; Sovereign Insurance, which fell 9.76%; Chams Holdco, which fell 9.64%; RT Briscoe, which dropped 9.62%; and Jaiz Bank, which fell 9.57%.

Access Holdings led in trading volume, with 201.31 million shares traded, representing a 1.47% increase. Transcorp Plc followed with 38.209 million shares traded, a 2.93% decrease. Zenith Bank saw 15.263 million shares traded, resulting in a 3.05% decline. Nigerian Breweries traded 13.736 million shares, up 0.43%, while Jaiz Bank traded 13.680 million shares.

In terms of value, Access Holdings led with N3.406 billion, followed by Zenith Bank with N484.71 million.

MTN Nigeria followed with N476.55 million, Transcorp with N435.75 million, and Nigerian Breweries with a N316.28 million increase in value.

During the week ending May 17, 2024, the NGX Banking Index fell 5.3% to 791.54 points. On May 20, the bearish sentiment towards banking stocks persisted, as the NGX Banking Index fell 1.5% to close at 779.57 points.

Zenith Bank fell 3.05%, GTCO 1.38%, and FBN Holdings 0.22%.

UBA fell 4.35%, Jaiz Bank 9.57%, Fidelity Bank 1.38%, and Wema Bank 2.19%.

However, Access Holdings and Unity Bank increased their profits by 1.47% and 3.13%, respectively.

Since the announcement of the recapitalization exercise on March 28, banking stocks have fallen by approximately 24.3%, with the NGX Banking Index at 1,029.63 points as of March 28. The continuous bearish performance of banking stocks has contributed to a run of losses in the NGX, with the overall market down 6.11% since then.

With several banks preparing for rights issue programs, shareholder reactions are uncertain. Furthermore, there is concern about the feasibility of raising up to N3 trillion from the NGX through new share issuances.

Like most days, the price of shares worth more than a trillion naira (SWOOTs) remained unchanged, with MTN Nigeria up 2.86% and GTCO and Zenith Bank down 1.38% and 3.05%, respectively.

However, Airtel Africa, BUA Foods, BUA Cement, Dangote Cement, Transcorp Power, Seplat, and Geregu Power did not change their prices during the day.