The local stock market bounced back yesterday, paring previous session losses, as the market capitalisation surged N402 billion on investors’ interests in MTN Nigeria Communications (MTNN) Plc and 35 others.
The All-Share Index rose by 733.94 per cent, representing a gain of 0.99 per cent, to close at 74,502.58 points. Similarly, the overall market capitalisation value gained N402 billion to close at N40.769 trillion.
The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; MTNN, Dangote Cement, Stanbic IBTC Holdings, Julius Berger and Multiverse Mining & Exploration.
Analysts at Afrinvest Limited said: ‘Today, we expect the improved investor sentiment to spur the market to a positive finish to the year.’
Investor sentiment, as measured by market breadth, closed positive, as 36 stocks advanced, while 27 declined. Ikeja Hotels recorded the highest price gain of 10 per cent to close at N5.50, per share. Multiverse Mining & Exploration followed with a gain of 9.96 per cent to close at N16.89, while Julius Berger rose by 9.94 per cent to close at N39.80, per share.
Industrial and Medical Gas Nigeria (IMG) appreciated by 9.87 per cent to close at N12.25, while McNichols rose by 9.86 per cent to close at 78 kobo, per share.