Renewed bargain hunting in 21 stocks lift indices by N298bn

AFTER three consecutive sessions of losses, renewed bargain hunting in the shares of MTN Nigeria ( MTN N), Betaglas and 19 other stocks lifted market capitalisation by N298 billion.

Precisely, the All- Share Index inched higher by 554.15 absolute points, representing an increase of 1.05 per cent to close at 53,275.49 points while the overall market capitalisation value gained N298 billion to close at N28.721 trillion.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; MTN Nigeria Communications ( MTNN), Beta Glass, Stanbic IBTC Holdings, Transcorp Hotel and Glaxosmithkline Consumer Nigeria.

GTI Securities Limited said “The equity market closed trading activities for yesterday bullish, as investors’ increased buying appetite for MTNN and 20 others lifted the market by 1.05 per cent following three days of successive losses. However, we expect profit- taking from recently appreciated stocks to continue during the week.”

Analysts at Vetiva Dealings and Brokerage said: “Market continues to trade bearish as seen in the negative market breadth despite today’s recovery. For the last trading session of the week, we expect the market to trade mixed with a chance of recovery in the banking sector given this week’s negative activity.”

However, market sentiment, as measured by market breadth, was negative as 29 stocks lost, while 21 others appreciated in price.

Transcorp Hotel recorded the highest price gain of 9.89 per cent to close at N5.89 kobo while Beta Glass followed with a gain 9.74 per cent to close at N62.55 kobo.

Mcnichols Plc appreciated by 9.60 per cent to close at N1.94 kobo.

Veritas Kapital Assurance rose by 9.52 per cent to close at 23 kobo while Multiverse Mining and Exploration appreciated by 9.09 per cent to close at 24 kobo.

Glaxosmithkline added 6.87 per cent to close at N7 while MTNN appreciated by 5.68 per cent to close at N270. Stanbic IBTC increased by 4.55 per cent to close at N34.50 kobo.

Mutual Benefit Assurance garnered four per cent to close at 26 kobo. Meyer appreciated by 3.33 per cent to close at N3.10 kobo . Ikeja Hotel gained 3.31 per cent to close at

N1.25 kobo.