Nigerian Bourse Sinks Deeper as Airtel Lost 30% in 3-Day
The equities segment of the Nigerian Exchange (NGX) tumbles by more than N570 billion on Wednesday as a result of selloffs in Airtel Africa shares. In three days, the telecom company has lost 30% of its market valuation, plunging market return downward year to date.
Today, the Nigerian Exchange All-share index dipped amidst heavy monetary policy tightening that appears to have shifted investors’ interest towards the fixed income market.
Trading data from the local bourse shows that market index was down by 1,048.17 basis points, representing a decline of 2.31% to close at 44,318.15 points. Thus, market capitalisation lost ₦570.91 billion to close at ₦24.14 trillion from ₦24.71 trillion yesterday.
Furthermore, market activities were mixed as the total volume traded for the day was down by 60.84%, while the total value traded for the day increased by 1.35%.
In a market report, stockbrokers at Atlass Portfolios Limited said approximately 164.32 million units valued at ₦3,662.53 million were transacted in 3,128 deals. FBNH was the most traded stock in terms of volume, accounting for 29.09% of the total volume of trades.
GTCO (11.2%), STERLNBANK (5.01%), CHAMS (4.64%), and ZENITHBANK (3.82%) to complete the top 5 on the volume chart.
AIRTELAFRI was the most traded stock in value terms, with 31.38% of the total value of trades on the exchange. FIDELITYBK topped the advancers’ chart with a price appreciation of 9.74 percent.
The Tier-2 bank was trailed by JAIZBANK (7.06%), MBENEFIT (6.90%), AIICO (5.56%), OANDO (4.55%), and eleven (11) others. Seventeen (17) stocks depreciated, topped by AIRTELAFRI with a price depreciation of 10.00% to close at ₦1,312.20, according to trading data from midweek. READ:Stocks Tumble as Nigerian Bourse Sustains Selloffs for 3-day
MRS sheds 9.76%, LINKASSURE lost 8.51% and Lafarge WAPCO dipped by 7.83%. On the back of selloffs, TOTAL valuation was lowered by 6.68%, MTNN declined 2.01% and UBA fell by 0.71%. The market breadth closed negative, recording 16 gainers and 17 losers, according to data from the Nigerian Exchange.
However, the sector performance was positive, as three out of the five major market sectors were up, led by the industrial sector (+0.94%), followed by the Banking sector (+0.50%), and then the Insurance sector (+0.24%).
The Consumer goods and Oil & Gas sectors depreciated by -0.03% and -0.80% respectively, according to Atlass Portfolios Limited stockbrokers.
# Nigerian Bourse Sinks Deeper as Airtel Lost 30% in 3-Day#
