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MTN share price leads N112bn market gain

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The equities market opened the week with N112bn gain as 16 gainers emerged, led by MTN Nigeria Communications Plc, whose share price increased by 10 per cent on the back of the revocation of its $2bn

tax case in Nigeria.

Analysts at Afrinvest Securities Limited said major price appreciation in MTN Nigeria, United Bank for Africa Plc and UACN Plc drive the positive market performance at the start of the week. The insurance and oil and gas indices also inched higher by 0.30 per cent and 0.07 per cent due to gains in AXA Mansard Insurance Plc, Lasaco Assurance Plc and Oando Plc.

Investor sentiment strengthened as market breadth advanced to 0.7x from the 0.4x recorded on Friday as 16 stocks outperformed 21 laggards.

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