MTN, Zenith Stocks Triger N29.9bn Gain For Capital Market Investors

Nigerian stocks on Wednesday posted the first gain of the week as investors gained N29.8bn.

The result comes after investors on the Nigerian Exchange Group lost N339.8bn on Tuesday.

All-Share Index on Wednesday surged to 38,564.70 points, while market capitalisation rose to N20.1trn on the gains of MTN Nigeria, Seplat Petroleum Development Company  and Zenith Bank Plc.

The result comes after the announcement of decline in inflation to 17.93 per cent which may induce improved investor sentiments experts believe.

The Oil and Gas index led gainers, up 0.9 per cent amid 1.5 per cent buying interest in Seplat Petroleum .

 
The  AFR-ICT and Consumer Goods indices rose by 0.7 per cent and 0.2 per cent respectively induced by price appreciation in MTNN by 1.2 per cent, Dangote Sugar +0.3 per cent, and Unilever Nigeria by 1.9 per cent.

But the Insurance, Banking, and Industrial Goods indices weighed on the performance of the exchange.

Insurance declined by 0.5 per cent, Banking fell 0.3 per cent, and 3bps respectively following -9.5 per cent sell-offs on Consolidated Hallmark Insurance PLC, -1.6 of Guarantee Trust Bank shares, and -0.1 per cent in Lafarge Africa PLC (WAPCO) respectively.