Investors trading in the shares of MTNN now have had cause to smile as the telecom firm’s shares rose 3.23 per cent in three consecutive trading sessions.
The shares had picked up 0.1 per cent gain on Monday before garnering 2.4 and 0.7 per cent on Tuesday and Wednesday. This is even as market capitalisation rose by N67 billion at the close of trading on Wednesday as bargain hunting in highly capitalised stocks drove the All Share Index (ASI) up by 0.50 per cent to settle at 25,783.02 points.
Similarly, year-to-date (ytd) improved to -3.9 per cent. Activity level on the bourse rose as volume and value of stocks traded advanced by 58.1 and 42.7 per cent respectively to 414.16 million units and N6.28 billion, exchanged in 3,793 deals.
Reacting to the performance of the market, Afrinvest, said, they expect bargain hunting to continue to drive positive performance in the market. Investors’ appetite for stocks increased as 21 stocks appreciated in value while 14 others depreciated. International Breweries topped the gainers’ chart with 9.09 per cent to close at N3.60 per share. Prestige followed with 9.09 per cent to close at 0.60 kobo, Cornerstone gained 8.33 per cent to close at 0.65 kobo, UAC-Prop garnered 5.26 per cent to close at N1 while Seplat increased by 3.90 per cent to close at N400.