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Monday, March 4, 2024

Nigerian Stocks Advance as MTN, UBA, Dangote Hit One-Year Highs

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Nigerian stocks continued their supercharged rally today led by gains in blue chips such as MTN Nigeria, Dangote Cement and United Bank for Africa (UBA), which are hitting one-year highs.

Stocks are outperforming most other asset classes in the country as institutional investors and Pension Funds rotate into equities from bonds.

The NSE-All Share Index is up 15.5 percent in 2020.

MTN Nigeria hit an intra-day high of N156, the highest level since listing on the NSE a year ago.

Dangote Cement, the largest maker of the building material in the country touched N185 per share a one-year high, while UBA hit N8.50 per share.

Guaranty Trust Bank (GTB) the largest listed lender hit N35.15 per share, which is close to a 52-week high and giving it a market capitalization of N1.03 trillion.

MTN Nigeria is now the largest listed company with a market capitalisation of N3.055 trillion. The firm released results last week showing a surge in data revenues.

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