MTNN’s (+10.00%) listing by introduction on the Exchange and its subsequent rally salvaged the index from its decline position as the ASI closed +54bps higher. The market was filled with buzz surrounding the listing of the biggest telecoms company in country and as such attention was mostly focused on the new listed stock. The big banks collapsed alongside with Dangcem (-1.12%) and consumer majors – NB (-3.85%) & Dangsugar (-2.17%) to cap an uneventful session. Unilever (+3.23%) and UBN (+1.48%) provided a little glimmer of hope on a gloomy session.
Turnover was rose to N2.8bn ($7.8m) boosted by offshore crosses in NB ($0.9m) and local block trades in MTN ($1.4m). Ytd loss on the index shrunk to -9.52%. We expect the market to firm up in the next session.