Nigerian stocks rise 0.47% as tech shares split; eTranzact surges 10%
Nigerian equities rebounded Thursday, October 29, with the All-Share Index gaining 1,200 points (0.47%) to close at 254,083, pushing market capitalisation to N164.97 trillion. The recovery follows Wednesday's 0.44% decline that erased N718.95 billion. Trading volume reached 654.28 million shares worth N57.36 billion across 35,821 deals.
Tech stocks delivered mixed results among eight reviewed names. eTranzact International led gainers, jumping 10% to N17.60 on 1.07 million shares after Trademarks Global Concepts acquired a 56.18% stake and reshuffled its board. Legend Internet rose 1.47% to N3.45 despite its annual profit plunging 90.7% to N13.21 million and borrowings surging to N1.14 billion. Chams Holding inched up 0.3% to N3.33 on the session's highest volume—6.41 million shares worth N21.10 million.
Omatek Ventures was the sole decliner, slipping 0.74% to N1.35. MTN Nigeria (N825), Airtel Africa (N6,300), Computer Warehouse Group (N20.75), and NCR Nigeria (N161.20) all closed flat. MTN recorded the highest value traded at N1.01 billion.
With eTranzact's new ownership and Legend's deteriorating fundamentals, which tech names offer real value versus momentum plays?