Equities Investors Gain N467bn as Airtel Rebounds

Equities investors wealth increased by about N467 billion on Thursday due to about 9% valuation surge recorded by Airtel Africa, supported by others. The telecom company had shed weight in the market following an unimpressive earnings performance.

Due to size advantage of the market mover, buying interest in the telecom company shares halted negative performance of the Nigerian bourse. The key performance indicators ticked higher by +0.84%.

Despite the rally, the market breadth was negative. Data from the Nigerian Exchange showed that the market index, or All-Share Index, increased by 813.29 basis points, closing at 98,156.71. The bargain hunting also spotted on 15 listed companies shares pushed market activities upward. Total volume and total value traded increased by 15.25% and +24.95%, respectively.

In its market wrap for Thursday, Atlass Portfolios Limited told investors that approximately 409.77 million units valued at ₦8,925.06 million were transacted in 7,296 deals. GTCO was the most traded stock in terms of volume, stockbrokers said. The orange branded financial services accounted for 24.80% of the total volume traded.

Other volume drivers are: ACCESSCORP (8.34%), TANTALIZER (7.35%), PRESTIGE (6.05%), and UBA (5.30%) to complete the top 5 on the volume chart. Stockbrokers noted that GTCO was also the most traded stock in value terms, with 47.87% of the total value of trades on the exchange. GUINEAINS, and ROYALEX topped the advancers’ chart for today with a price appreciation of 10.00 percent each.

The insurers were trailed by 8.97% gain in AIRTELAFRI. Other gainers are: INTENEGINS (+7.84%), PRESTIGE (+5.88%), STERLINGNG (+4.74%), WAPIC (+4.48%), and eight others. Twenty-four stocks depreciated, according to stockbrokers. ETERNA was the top loser, with a price depreciation of -9.89%.  Other losers are: FCMB (-8.28%), UNITYBNK (-5.88%), FBNH (-5.36%), GTCO (-5.33%), and WEMABANK (-3.47%).

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Based on the trading pattern, the market breadth closed negative, recording 15 gainers and 24 losers. Nevertheless, the market sector’s performance was negative. Three out of the five major market sectors went south. The banking sector declined by -3.04%, the oil and gas sector dipped by -0.51%, and the consumer goods sector fell by 0.06%. The insurance sector was up by +0.51%, while the industrial sector closed flat.

Overall, the equities market capitalisation of the Nigerian Exchange rose by ₦466.73 billion to close at ₦55.53 trillion.  Foreign Investors Increase Positions in Nigeria Eurobonds, Yield Swings

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