Equity Investors Gain N104bn as Demand for Airtel Drive Rally
Value hunters’ entry into Nigerian Exchange (NGX) on Friday trading session halts losing streaks after equity investors pick interest in Airtel Africa shares. Midday report had shown that the stock market was trading loss with selloffs in banking stocks.
Due to buying interest in the telecom stock, the Nigeria stock market rebounded by 0.46 per cent to halt the three consecutive trading sessions of decline, according to the Atlass Portfolios Limited market report.
As the week draws close, the Nigerian Exchange gain more than N105 billion as investors’ buy-interest in AIRTELAFRI and 17 other stocks drive momentum after loss-making trading sessions in the past three days.
Consequently, the All-share index rose by 199.52 basis points, representing a growth of 0.46 per cent to close at 43,308.29 points on Friday.
Today’s rally push up the stock market year to date yield forward while market capitalisation gained N104.11 billion to close at N22.60 trillion. However, the market activities were mixed as the total volume traded increased by 14.73 per cent while the total value traded depreciated by 15.15 per cent, as against the previous session.
A total of 305.32 million units valued at N3.58 billion were transacted in 4,450 deals. Today, FCMB topped the traded stocks in terms of volume, accounting for 26.68 per cent of the total volume of trades.
The bank stock was followed closely by GTCO (9.72%), ACCESS (9.25%), HONYFLOUR (5.54%), and ZENITH BANK (4.33%) to complete the top five on the volume chart.
GTCO appeared as the most traded stock in value terms, with 20.64 per cent of the total value of trades on the exchange. ABCTRANS and ROYALEX emerged as the most profitable stocks for the day, topping the gainers’ chart with a price appreciation of 10.00 per cent each.
The two companies’ stocks were followed by CHAMS (4.76%), AIRTELAFRI (3.83%), ARDOVA (3.03%), REDSTAREX (1.49%), LIVESTOCK (1.48%), UBN (1.05%), STERLNBANK (0.68%), GUINNESS (0.27%) and eight (8) others.
On the contrary, 24 stocks remain depreciated in price topped by UPDCREIT with price depreciation of 9.82 percent to close at N5.05, as NB (-3.13%), HONYFLOUR (-2.22%), VITAFOAM (-1.83%), FLOURMILL (-1.67%), NGXGROUP (-1.21%), ACCESS (-1.10%), OANDO (-0.98%), AFRIPRUD (-0.78%), UBA (-0.61%) and ZENITHBANK (-0.41%) also dipped in price.
NGX data shows that despite the bullish trend, the market breadth closed negative, recording 18 gainers and 24 losers.
Atlass Portfolios Limited stated that Safe for the Insurance sector that grew by 0.64% to sustain the previous session gain, the Consumer Goods (-0.89%), Banking (-0.33%), Oil & Gas (-0.03%) and Industrial Goods (-0.01%) dipped compared to yesterday’s closing positions. # Equity Investors Gain N104bn as Demand for Airtel Drive Rally
Read Also: Airtel Africa Moves to Buy Back Shares from Nigerian Shareholders
