Equity Investors Gain N643 Billion as MTNN, Airtel Rally

Equity Investors Gain N643 Billion as MTNN, Airtel Rally

Equity investors gain more than N643 billion in the first trading session in the week as MTN Nigeria and Airtel Africa stocks see a big rally. The two Telcos giants share appreciation lifted the equity market index though some tier 1 banks share prices tumbled.

Due to a new rally seen on Monday, the market performance indicators surged by 2.93% following the buy-interest in AIRTELAFRI and MTNN. There has been some good news in the telecommunication sector in recent times including strong earnings releases.

Recall that MTN Nigeria Plc recently informed the regulator and investing public about a plan to issue a public offer for subscription two years after its first listing.

Similarly, both Airtel Africa and MTN Nigeria have obtained regulatory licenses for Payment Service Banks which analysts think would help diversify earnings sources.

Today, this positive sentiment drove the market capitalisation higher, crossing the ₦22 trillion mark since early in the year, while year-to-date return increased to 7.39%, according to the Nigerian Exchange data.

Stock market All-Share Index thus expanded by 1,232.37 basis points representing a growth of 2.93 per cent to close at 43,246.87. Meanwhile, stock market capitalisation sees a large increase of ₦643.14 billion to close at ₦22.57 trillion.

Similarly, the market activities traded positively, as the total volume and value traded climbed by 60.12 per cent and 111.87 per cent, respectively. A total of 443.61 million units valued at ₦5.05 billion were transacted in 5,233 deals.

Today, STERLNBANK topped the traded stocks in terms of volume, accounting for 18.31 per cent of the total volume of trades, followed by UACN (15.16%), FBNH (9.52%), ZENITHABNK (7.35%), and TRANSCORP (4.73%) to complete the top five on the volume chart.

ZENITH BANK appeared as the most traded stock in value terms, with 15.79 per cent of the total value of trades on the exchange.

AIRTELAFRI topped the gainers’ chart as its share price rose by 10.00 per cent each, trailed by MTNN (9.62%), UCAP (3.80%), NGXGROUP (3.38%), ETI (2.96%), FBNH (2.25%), WAPCO (1.96%), GUINNESS (1.63%), WEMABANK (1.14%) and 9 others.

On the contrary, 26 stocks declined in price led by CONOIL with price depreciation of 9.80 per cent to close at ₦23, as AFRIPRUD (-4.72%), UACN (-4.55%), ARDOVA (-3.56%), LIVESTOCK (-3.30%), TRANSCORP (-0.96%), GTCO (-0.89%), ACCESS (-0.53%) and ZENITHBANK (-0.41%), also dipped in price.

However, the market breadth closed negatively, recording 18 gainers and 26 losers.

The sectorial performance shows that only the Consumer Goods and Industrial Goods sectors grew by 0.25 per cent and 0.13 per cent, respectively as the Insurance (-1.43%), Oil & Gas (-0.57%) and Banking (-0.09%) sectors dipped, compared to Friday’s closing position. #Equity Investors Gain N643 Billion as MTNN, Airtel Rally

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