Buy Interest in Airtel Lift Market Cap by N256bn

Kayode Tokede

The Nigerian Exchange Limited (NGX) market capitalization yesterday appreciated by N256billion to N28.16trillion as Investors’ renewed buy Interest in Airtel Africa plc. 

Also, the NGX All-Share Index rose by 0.93per cent to close at 51,693.08 basis points from 51,222.34basis points amidst bullish investor sentiment in the new year. 

The gain recorded yesterday brings the stock market Year-till-Date (YtD) to 0.88 per cent. 

The exchange sectoral performance was mixed, with the NGX Consumer Goods index gaining of 0.08per cent, while the NGX Oil/Gas and NGX Industrial indices were flat.

The Banking and Insurance Indices reclined by 1.31per cent and 0.70per cent showing signs of profit-taking from investors amid economic uncertainty.

The top gainers of the yesterday included:  Thomas Wyatt Nigeria Plc, which rose by 9.38per cent, followed by ABC Transport Plc, which saw an eight per cent increase in share price. 

Royal Exchange Plc, Airtel Africa Plc, and Consolidated Hallmark Insurance Plc also saw strong gains, with share price increases of 5.88per cent, 5.16per cent, and five per cent. respectively.

The stock market daily trading volume rose by 17.10per cent  to 229.22 million shares worth N2.91billion in 3,900 deals. 

This was an increase from the previous day’s activity, it was a significant decrease in value as turnover value fell by 60.90per cent. 

Financial services stocks dominated market turnover, accounting for 84.52per cent of total activity with Sterling Bank Plc topping the charts as the most traded stock by volume with 85.18 million shares exchanged in 76 deals. 

Other highly traded stocks were United Bank of Africa Plc, FBN Holdings Plc, Access Holdings Plc and Zenith Bank Plc. 

The stock market has sustained the optimism from the closing rally of 2022 and continues to be a key driver of growth in the Nigerian capital market seeing as investors seek higher returns in the face of inflationary pressures on the economy.