MTN Nigeria, Dangote Sugar, others lift stock market as investors gain $17.16 million

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Business

Thursday, August 8,2019

MTN Nigeria, Cement Company of Northern Nigeria (CCNN) Plc and Dangote Sugar on Thursday lifted the Nigerian bourse as investors gained N6.23 billion ($17.16 million).

Nigeria stock market used to illustrate this story
Nigeria stock market used to illustrate this story

MTN gained 3.27%, CCNN gained 3.32% while Dangote Sugar posted 3.06% gain at the end of the trading day.

This is coming as trading closed on a positive note as the All-Share Index (ASI) marginally rose 5bps to settle at 27,424.92 points

Business Insider SSA’s analysis of the stock market shows that the year-to-date (YTD) return currently stands at -12.74% while market capitalisation increased by N6.2 billion to N13.4 trillion.

Analysts at Afrinvest have predicted a bearish performance at the close of trading on Friday “in the absence of any market catalyst. However, we do not rule out the possibility of bargain hunting activities.”

These are the top five gainers and losers:

  1. Mansard 9.09%
  2. Jaiz Bank 5.3%
  3. FCMB 4.35%
  4. Chams 4.0%
  5. Wema Bank 3.64%

Losers:

  1. AfriPrud 10%
  2. NAHCO 10%
  3. Guinness Nigeria 10%
  4. UCAP  9.95%
  5. UAC-PROP -9.68%

The Nigerian equities market has witnessed sell pressures over the last few weeks. In July, the market closed a bearish note, a decline of 7.5%. Since the re-election of President Muhammadu Buhari’s government, investors are keenly waiting for the government’s economic direction and composition of the executive team.

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