|
Listen to article
|
MTN Plc’s shares were instrumental in boosting the stock market by 0.8% on Tuesday, a rally that coincided with the Nigerian Communications Commission’s decision to approve a 50% tariff hike for telecommunication services.
The NGX All-Share Index (ASI), a key gauge of stock market performance, rose by 0.8%, settling at 103,137.99 basis points, up from 102,370.36 points the previous day. This boost brought the Year-to-Date (YTD) return to 0.2%.
In addition, the market capitalization, a key indicator of stock market performance reflecting the total value of listed stocks, saw an increase of N471 billion, rising from N62.861 trillion the previous day to N63.332 trillion at the close of trading.
Read also: CEO: MTN’s Survival Now Depends On Tariff Increase
According to market insights, there was a sharp decrease in trading activity, with volumes falling by 64.8% to 440.32 million units. The total value of these trades amounted to N11.97 billion, executed through 13,087 transactions.
LASACO was the most traded stock by volume at 108.04 million units, while Seplat was the most traded stock valued at N3.54 billion.
On sectors performance, the Insurance Index gained 1.0% and Banking Index up by 0.3% while the Consumer Goods Index declined by -0.4% and Oil & Gas Index down by -0.4%.
The Industrial Goods Index closed flat. As measured by market breadth, market sentiment was positive as 29 stocks gained relative to 27 losers.
MTN led gainers by 10.0% followed by SCOA 9.9%, while NSL TECH led losers chat declining by -9.9% and Abbey Mortgage Bank dropping by -9.1%.
