Telecom Stocks Rally Raise Nigerian Exchange by N317.5 Billion
Shares appreciation in MTN, Airtel stocks and 19 others raised the Nigerian Exchange (NGX) as investors gain N317.5 billion on Tuesday, reversing the previous day loss. The Nigerian Exchange all-share index edges higher as 158 basis points to 39,176.62 points while year to date losses moderated to 2.7%.
Market capitalisation printed at N20.4 trillion following the price appreciation in the highly capitalized tech stock such as AIRTELAFRI and MTNN. Consequently, market breadth closed positive with 21 gainers versus 20 losers.
However, the market activities closed with the volume and value of stocks traded on the exchange appreciated 15.19% and 157.16%, respectively. A total of 224.56 million units of shares valued at N2.61 billion were traded in 4,065 deals.
GTCO led the volume chart, accounting for 16.592 per cent of the total volume of trades, followed by ETI (10.73%), JAIZBANK (8.30%), FBNH (4.58%), and TRANSCORP (4.46%) to complete the top five on the volume chart.
GTCO also topped the value chart accounting for 40.05 per cent of the total value of trade on the exchange. AIRTELAFRI, UNITYBNK, and VERITASKAP topped the gainers’ chart, with their share prices advancing by 10.00 per cent, 7.14 per cent, and 4.35 per cent, respectively.
While JULI led the losers’ table with its share price depreciating by 9.01 per cent to close at N1.01 after opening the day at N1.11.
Afrinvest said performance across sectors under its coverage was bearish as 4 indices lost while 2 gained. The AFR-ICT and Oil & Gas indices rose 5.5% and 0.1% respectively, driven by buying interest in AIRTELAF (+10.0%) and OANDO (+0.6%).
Conversely, the Insurance index led laggards, down 0.2% due to sell-offs in CHIPLC (-6.9%) and MANSARD (-1.1%).
Similarly, the Consumer and Industrial Goods indices fell 0.1% apiece following profit-taking in FLOURMILL (-1.9%), UNILEVER (-0.7%), and CUTIX (-0.9%). Price depreciation in GTCO (-0.5%) and WEMABANK (-2.4%) dragged the Banking index lower by 2 basis points.
“We expect to see a mix of profit-taking and bargain hunting in the domestic equities market in the next trading session”, analysts said.
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Telecom Stocks Rally Raise Nigerian Exchange by N317.5 Billion
