Gains in Airtel, MTN Nigeria, Others Drive Stock Market by N317.5bn

Darasimi Adebisi

The Nigerian equities market rebound yesterday following investors renewed interest in Airtel Africa Plc, MTN Nigeria Plc, and 20 others to drive the market by N317.5billion.

The stock market started this week on a negative note, dropping by N126.9billion as investors profit-taking in Dangote cement Plc, Zenith Bank Plc were among the top losers.

At the close of trading yesterday, the Nigerian Exchange Limited (NGX) market capitalisation appreciated by 1.6 per cent or N317.48billion to close at N20.411 trillion from N20.094trillion it opened for trading.

In the same vein, the NGX All-Share Index that tracked all stocks listed on the Exchange appreciated by 1.6per cent or 609.36basis points from 38,567.26 basis points to 39,176.62basis points yesterday.

Accordingly, the stock market Month-to-Date gain increased to 1.6 per cent, while the Year-to-Date loss moderated to -2.7per cent.

On sectors, the NGX Insurance (-0.2per cent), Consumer Goods (-0.1per cent) and Industrial Goods (-0.1%) indices recorded declines while the Oil & Gas (+0.1per cent) index was the lone gainer yesterday.

Meanwhile, the NGX Banking index closed at 378.89 basis points from 378.98 basis points it close yesterday.

As measured by market breadth, market sentiment was positive, as 21 stocks gained, relative to 16 losers.

Airtel Africa plc with 10 per cent ot N65.00 topped the gainers’ chart yesterday to close at N715.00 followed by Unity bank that gained 7.14 per cent or N0.04 to close at N0.60 per share.

Stock price of Veritaskap Plc appreciated by N4.35 or N0.01 to close at N0.24 while Courtville Business Solution rose by 4.17 per cent or N0.01 to close at N0.25 per share.

Juli with 9.01 per cent or N0.10 drop in stock price to N1.01 and CHI Plc that dropped by 6.90 per cent or N0.04 to close at N0.54 were the most significant losses of yesterday

Jaiz bank Plc depreciated by 4.84 per cent or N0.03 to close at N0.59 per share. Sunu Assurance Plc was down by 4.26 per cent or N0.02 to close at N0.45 and Livestock down by 3.06 per cent or N0.06 to close at N1.90 per share.

The total volume of trades increased by 155.8per cent to 474.53 million units, valued at N3.98 billion, and exchanged in 4,161 deals.

BOCGAS was the most traded stock by volume and value at 249.77 million units and N1.37 billion, respectively. GTCO followed with 372.81million volume of stock traded and N1.04billion value.