MTN, TransCorp drive N1.14trn investors’ earnings w/w

BY BONNY AMADI

•As ASI Sustains Bullish Momentum with 1.80%

Expectation of bountiful earnings by investors in the NGX Equities market, as the earning period beckons, drove MTN Nige- ria Communication’s shares, and TransCorp to drive market growth in the week ended January 10, 2025.

As investors jostled to take position in the priced stock, the company share price which opened trading for the week at N200.00, closed the week at N242.00 per share, reflecting N42.00 or 21.00 per cent growth in share pricing.

Remarkably, MTN Nigeria’s stock closed the week as the fourth highest gainer, even as expectations are that the company in the new week with sustain high demand of its shares by profit seeking investors.

Also, TransCorp, aided in the week’s top earnings by investors with its top gains in equity price, closed the week at N51.50 per share, from N43.50 pricing that opened the week. This reflects growth by N8.00 or 18.39 per cent, to end the week as the seventh higher gainer in the top ten gainers stocks group of the session.

Meanwhile, during the week, the NGX equities market extended its bullish run into the just-concluded week, gaining 1.80% week-on-week to close at 105,451.06 points.

This performance builds on an impressive 37.65% year-to-date gain in 2024, which notably outpaces the local inflation rate of 34.60% as of November 2024. The rally comes as investors assess Nigeria’s macroeconomic fundamentals and position themselves for opportunities ahead of Q4 2024 unaudited financial results, with banking stocks drawing the bulk of investor interest.

Market capitalisation mirrored the upward trajectory, advancing by 1.80% week-on-week to reach N64.30 trillion, compared to N63.17 trillion the previous week. This translates to a remarkable gain of N1.14 trillion for equity investors, achieved over four bullish trading sessions out of five.

Positive market breadth characterised the week, with 51 stocks advancing against 39 declining, while the year-to-date return on the index rose to 2.45%.

Trading activities also demonstrated significant strength, as the weekly average volume of traded shares increased by 79.5% to 4.7 billion units, while the value of transactions grew by 21.9% to N85.04 billion.