Nigerian Bourse Gains N256bn as Airtel Africa Recovers
Trading activities on the floor of Nigerian Exchange (NGX) closed bullish on Monday with key performance indicators up 0.92 per cent, data from the local bourse shows. Stock maket burned value last week when Airtel Africa which is the largest by market valuation dropped by 5.2%.
Due to bargain hunting in the telecom stock, equities market capitalisation gained N256 billion to close at N28.155 trillion, compared with N27.899 trillion on Friday. Similarly, the Nigerian Exchange All-Share Index, which opened at 51,222.34 gained 470.74 points or 0.92 per cent to close at 51,693.08.
Sustained interest in Airtel Africa and FBN Holding were the major drivers of the positive performance. Consequently, the year-to-date return rose to 0.88 per cent.
Market breadth closed negative with declining 14 stocks outnumbering 11 advancing ones. A breakdown of the price movement table showed that Thomasway Nigeria topped the gainers’ table with an increase of 9.28 per cent to close at N1.06, per share.
ABC Transport trailed with a gain of eight per cent to close at 27k, while Royal Exchange Assurance rose by 5.88 per cent to close at N1.08 per share.
Airtel Africa was up by 5.16 per cent to close at N1,630, while Chip Plc gained by five per cent to close at 0.03 per share. Conversely, Union Bank led the losers’ table, growing by 6.83 per cent to close at N6.35 per share.
Wema Bank followed with a gain of 8.21 per cent to close at N3.58, while AIICO went down by 6.25 per cent to close at 60k per share. Caverton Offshore Technology decreased by 4.95 per cent to close at 96k, while Stanbic Bank declined by 4.33 per cent to close at N32 per share.
Sterling Bank recorded the highest volume of 85.18 million traded shares worth N119.26 million, followed by United Bank for Africa (UBA) which sold 21.09 million shares at N173.3 million.
Also, FBN Holdings sold 20.09 million shares which exchanged for N222.86 million and Zenith Bank traded 8.3 million shares at N202.58 million. >>>Nigeria’s Bond Yield Slumps to 12.7%
However, market activities were mixed, as the total volume traded for the day was up by +17.10%, while the total value traded for the day reduced by -60.96%. Approximately 229.22 million units valued at ₦2,907.87 million were transacted in 3,900 deals.
In addition, the market sector performance closed negative, as two out of the five major market sectors were down, topped by the Banking sector (-1.31%), and followed by the Insurance sector (-0.70%), while the Consumer goods sector was up by +0.19%.
The Industrial and Oil & Gas sectors closed unchanged. # Nigerian Bourse Gains N256bn as Airtel Africa Rally
