MTN Nigeria Hits Record N825.70 as Stock Market Extends Bull Run to 9 Days
The Nigerian stock market continued its impressive rally on Friday, marking the ninth consecutive session of gains as investor confidence remained robust across key sectors. This sustained upward trajectory was fueled by strong demand for major stocks, particularly in the telecommunications, banking, industrial, and consumer goods segments.
Market Indicators Show Strong Performance
The benchmark All-Share Index (ASI) recorded a significant increase of 2.49%, closing at 217,167.57 points compared to 211,901.01 points in the previous trading session. This positive movement reflects the overall bullish sentiment that has characterized the market in recent weeks.
Market capitalisation experienced a substantial boost, rising by N3.39 trillion to close at N139.83 trillion. The year-to-date (YTD) return improved to an impressive 39.56%, indicating strong performance throughout the current fiscal period.
MTN Nigeria Leads Telecom Sector Rally
MTN Nigeria Communications Plc emerged as a standout performer, closing at N825.70 after gaining 9.27%. This represents the highest price level ever achieved by the telecommunications giant, highlighting investor confidence in the company's prospects and the broader telecom sector.
The market breadth remained strongly positive, with 44 gainers significantly outpacing 27 decliners. This ratio demonstrates widespread optimism among investors and suggests that the bullish momentum may continue in the coming sessions.
Top Performers and Market Activity
Among the notable gainers, Nuhu Bamalli Airport Hotel (NAHCO) and Transnational Corporation of Nigeria Plc both recorded 10.00% increases. NAHCO rose from N200.00 to N220.00, while Transnational Corporation advanced from N5.50 to N6.05.
Other significant gainers included:
- Ecobank Transnational Incorporated: N61.20 to N67.30 (+9.97%)
- Access Holdings Plc: N27.20 to N29.90 (+9.93%)
- DAAR Communications Plc: N1.66 to N1.82 (+9.64%)
Market activity surged dramatically, with traded volume increasing by 115.08% to reach 1.26 billion shares. The total value traded amounted to N54.35 billion across 56,923 deals, indicating heightened investor participation.
Volume and Value Leaders
Sterling Financial Holdings Company Plc led in trading volume with 383.85 million shares, representing 30.51% of total trades. In terms of value traded, Aradel Holdings Plc dominated with N9.75 billion, accounting for 17.94% of total market value.
Other significant contributors to market activity included:
- Access Holdings Plc: 90.26 million shares worth N2.65 billion
- Zenith Bank Plc: 70.76 million shares worth N8.84 billion
- United Bank for Africa Plc: 54.59 million shares worth N2.63 billion
Decliners and Market Outlook
Despite the overall positive sentiment, some stocks experienced declines. Mecure Industries Plc led the losers' chart, falling from N67.30 to N60.60, representing a 9.96% decrease. Other notable decliners included Honeywell Flour Mills Plc, Abbey Mortgage Bank Plc, eTranzact International Plc, and Caverton Offshore Support Group Plc.
The sustained market rally comes amid broader economic developments, including recent announcements about potential listings of major national assets on the Nigerian Stock Exchange. Market analysts suggest that continued investor confidence, coupled with positive economic indicators, could support further gains in the coming weeks.
The extended bullish run demonstrates growing investor optimism about Nigeria's economic prospects and corporate performance across key sectors. As market activity continues to surge, attention remains focused on whether this positive momentum can be sustained in the face of broader economic challenges and opportunities.
