MTN Nigeria Drives N961bn Surge in Nigerian Stock Market

The Nigerian stock market experienced a significant boost, with a total market capitalization increase of N961 billion, closing at N156.547 trillion. This surge was driven by MTN Nigeria and 28 other companies, leading to a 0.62% gain in the NGX All-Share Index, which closed at 243,958.73 basis points.

Year-to-date, the market has returned 6.3% and 56.8% respectively. Sector performances were mixed, with banking up by 1.3%, consumer goods by 1.2%, and insurance by 0.3%.

Intern Breweries recorded the highest price gain of 10%, closing at N12.10 per share, while First Holdco followed with a 9.96% increase to N69.55. Other notable gainers included Abbei Bank and Honeywell Flour Mill.

Conversely, Geregu Power led the losers with a 10% decline, closing at N2.70. Trading volume increased by 219.45% to 1.656 billion units, valued at N111.977 billion across 44,780 deals.