Peoples Gazette
Transactions on the Nigerian stock market closed on a positive note with the market capitalisation gaining N644 billion to hit N22 trillion mark, amid gains by telecommunication companies.
Specifically, the market capitalisation inched higher by N644 billion to close at N22.569 trillion from N21.925 trillion recorded on Friday.
Similarly, the All-Share Index rose by 1,232.37 points or 2.93 per cent to close at 43,246.87 against 42,014.50 posted on Friday.
Accordingly, month-to-date and year-to-date gains increased to 2.9 per cent and 7.4 per cent, respectively.
The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Airtel Africa, MTNN, Unilever Nigeria, Nigerian Exchange Group (NGXGroup) and Guinness.
Commenting on stock market performance, the Chief Operating Officer, InvestData Ltd., Mr Ambrose Omordion, attributed the growth to investors’ reactions to potential in listed communication companies.
Omordion told the News Agency of Nigeria (NAN) that investors were buying into Airtel Africa and MTNN because of mobile money services payment approvals.
He said that investors were positioning in these companies to reap from their growth potential at the long run.
NAN reports that Airtel Africa and MTNN announced on Friday they had received approval in principle from the Central Bank of Nigeria (CBN) to operate Payment Service Banks (PSBs) in the country.
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