MTN Nigeria and Transcorp Lead as Nigerian Stock Market Gains N507bn

Investors on the Nigerian Exchange witnessed a significant gain of N507 billion on Wednesday, with market capitalization rising to N63.56 trillion from the previous session’s N63.05 trillion. The All-Share Index also advanced by 0.8 percent, closing at 104,230.73 points. MTN Nigeria and Transcorp led the gainers’ chart with a 10 percent increase each, closing at N220.00 and N49.50 per share, respectively. Other notable gainers included Honeywell Flour Mill and AIICO Insurance, while Sunu Assurances and Universal Insurance led the losers.

The trading session saw mixed performance, with 639.48 million shares worth N20.44 billion exchanged in 13,550 deals. Although trading volume dropped by 43 percent, turnover rose by 40 percent compared to the previous day. Tantalizers recorded the highest trading volume, while Geregu Power led the value chart with trades worth N11.39 billion. Key indices such as the Top 30, Premium, and Banking indices showed positive movement, reflecting growing investor confidence.

This gain comes after a prior session’s losses, where investors had shed N152 billion on Tuesday. Analysts noted a rebound driven by strong performances from market heavyweights like MTN Nigeria and Transcorp, signaling recovery and optimism in the market for the new year.