The Nigerian equities market sustained its bullish momentum, driven by bargain hunting in MTNN (+10.0%) following the NCC’s approval of a 50.0% tariff hike for telecommunication services.

As a result, the All-Share Index advanced by 0.8% to close at 103,137.99 points, pushing the Year-to-Date return to +0.2%.

However, the total volume of trades declined by 64.8% to 440.32 million units, valued at NGN11.97 billion, and exchanged in 13,087 deals.

LASACO was the most traded stock by volume at 108.04 million units, while SEPLAT was the most traded stock by value at NGN3.54 billion.

On sectors, the Insurance (+1.0%) and Banking (+0.3%) indices advanced, while the Consumer Goods (-0.4%) and Oil & Gas (-0.4%) indices settled lower. The Industrial Goods index closed flat.

As measured by market breadth, market sentiment was positive (1.1x), as 29 tickers gained relative to 27 losers.

MTNN (+10.0%) and SCOA (+9.9%) led the gainers, while NSLTECH (-9.9%) and ABBEYBDS (-9.1%) posted the most significant losses of the day.