MTN adds N126 billion in market boost as N3.4 billion Access Bank shares traded in single day

MTN Nigeria’s market value increased by N126 billion on May 20 as its market cap moved from N4.70 trillion to N4.83 trillion.

MTN was a significant contributor to the NGX’s bullish run during the trading day as the market recorded a 0.05% gain.

In terms of volume and value traded, Access Holdings led with 201.31 million shares worth N3.406 billion traded on May 20.

The NGX’s All-Share Index closed at 98,176.58 points, representing a 50.85-point gain from the previous 98,125.73. Meanwhile, the overall market capitalization appreciated to N55.536 trillion, from the previous N55.508 trillion.

May 20 was a voluminous trading day as 8,439 deals took place in the market compared to 6,934 from the previous trading day.

The turnover volume in the market also appreciated by 188% to 405.662 million shares from the previous trading day’s volume of 140.772 million shares. However, in terms of value, there was a 29% decline to N6.69 billion from the previous day’s N9.42 billion.

Market highlights

The biggest gainers of the day were McNichols, up 10%. Berger Paints was up 9.72%, while Regal Insurance gained 9.68%. WAPIC  gained 6.15%, and Cornerstone Insurance was up by 5%.

Champion Breweries was the biggest loser with a 10% price decline.

Other losers were C&I Leasing which declined by 9.8%; Sovereign Insurance which lost 9.76%; Chams Holdco lost 9.64%; RT Briscoe shed 9.62%, and Jaiz Bank lost 9.57%.

Access Holdings led in trading volume with 201.31 million shares traded, as it recorded a 1.47% gain. Transcorp Plc followed with 38.209 million shares traded amid a 2.93% drop. Zenith Bank saw 15.263 million shares traded, experiencing a 3.05% decline. Nigerian Breweries traded 13.736 million shares with a 0.43% gain, while Jaiz Bank recorded 13.680 million shares traded.

In terms of value, Access Holdings led with N3.406 billion, followed by Zenith Bank which posted N484.71 million.

MTN Nigeria followed with N476.55 million; Transcorp with N435.75 million, and Nigerian Breweries had N316.28 million increase in value.

No relief for banking stocks yet

During the week ending May 17, 2024, banking stocks tracked by the NGX Banking Index declined by 5.3% to close at 791.54 points. And on May 20, the bearish sentiment towards banking stocks continued as the NGX Banking Index declined by 1.5% to close at 779.57 points.

Zenith Bank lost 3.05%; GTCO declined by 1.38%; and FBN Holdings fell by 0.22%.

UBA declined by 4.35%; Jaiz Bank lost 9.57%; Fidelity Bank shed 1.38%; and Wema Bank lost 2.19%.

However, Access Holdings and Unity Bank gained 1.47% and 3.13% respectively.

Since the announcement of the recapitalization exercise on March 28, banking stocks have declined by about 24.3%, with the NGX Banking Index as of March 28 standing at 1,029.63 points. The continuous bearish performance of banking stocks has contributed to a run of losses in the NGX, as the overall market has declined by 6.11% since then.

With several banks gearing up for rights issue programs, shareholder reactions remain uncertain. Additionally, there’s concern about the feasibility of raising up to N3 trillion from the NGX through new share issuances.

SWOOTs highlights

Like with most days, there was no change in the price of shares worth over a trillion naira (SWOOTs), as MTN Nigeria gained 2.86%, while GTCO and Zenith Bank lost 1.38% and 3.05% respectively.

However, Airtel Africa, BUA Foods, BUA Cement, Dangote Cement, Transcorp Power, Seplat, and Geregu Power posted no price changes during the day.