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MTN Nigeria Plc played a pivotal role in lifting the Nigerian stock market, as its shares contributed significantly to a 0.8% rise in the NGX All-Share Index (ASI) following the Nigerian Communications Commission’s (NCC) approval of a 50% tariff hike for telecommunication services.
The NGX All-Share Index advanced to 103,137.99 points, up from the previous day’s close of 102,370.36 points, marking a Year-to-Date (YtD) return of 0.2%. Market capitalization also grew, increasing by ₦471 billion to close at ₦63.332 trillion, compared to ₦62.861 trillion the day before.
Despite the gains, market activity showed a 64.8% decline in trading volume, with 440.32 million shares valued at ₦11.97 billion exchanged across 13,087 deals.
Top Performers and Sector Analysis
- Most Traded Stocks: LASACO topped the volume chart with 108.04 million units traded, while Seplat recorded the highest value of trades at ₦3.54 billion.
- Sector Performance:
- The Insurance Index gained 1.0%, and the Banking Index rose by 0.3%.
- The Consumer Goods and Oil & Gas Indices each declined by 0.4%, while the Industrial Goods Index remained unchanged.
- Market Sentiment: Positive market breadth was recorded, with 29 stocks gaining against 27 decliners.
Key Gainers and Losers
- MTN led the gainers, surging by 10.0%, followed by SCOA, which rose by 9.9%.
- On the losing side, NSL TECH dropped by 9.9%, while Abbey Mortgage Bank declined by 9.1%.
The performance of MTN and other key stocks reflects growing investor confidence, even amid the tariff hike, as the telecommunications sector continues to play a crucial role in driving market dynamics.
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