Nigerian Exchange Dips as Investors Take Profit on Airtel Africa
The Nigerian Exchange (NGX) declined on Wednesday following selloffs in Airtel Africa. The telecom giant saw its share price decline as investors dumped stock after a gain recorded in the previous day.
Market data indicated that Airtel Africa’s market valuation declined by more than N7.5 billion, causing the local bourse to swing negative at the close of the trading session.
Stockbrokers reported that market performance indicators dropped slightly by – 0.02% while year-to-date return moderated to 9.32%.
As expected from a bearish performance, the market index or All-Share Index declined by 13.29 basis points, representing a marginal decrease of -0.02% to close at 56,025.56.
However, Atlass Portfolios Limited told investors in a note that market activities were up, as the total volume and total value traded for today increased by +23.30% and +12.24% respectively.
According to stock market analysts, approximately 397.62 million units valued at ₦6,537.19 million were transacted in 5,613 deals.
NPFMCRFBK was the most traded stock in terms of volume, accounting for 25.36% of the total volume of trades, followed by GTCO (10.83%), JAPAULGOLD (7.01%), FIDELITYBK (6.12%), and ACCESSCORP (5.79%) to complete the top 5 on the volume chart.
AIRTELAFRI was the most traded stock in value terms, with 41.47% of the total value of trades on the exchange. HONYFLOUR topped the advancers’ chart for today with a price appreciation of 9.87 percent each.
The food producer was followed by ETERNA (9.87%), FTNCOCOA (+9.86%), CORNERST (+9.78%), WAPIC (+9.52%), and twenty-six others. Twelve stocks depreciated, where UBN was the top loser, with a price depreciation of -8.86% to close at ₦7.20.
FLOUR MILL declined by 4.20%, NGXGROUP dropped by 3.11%, PRESTIGE lost 2.44%, and COURTVILLE went down by 2.08%. The market breadth closed positive, recording 31 gainers and 12 losers.
The market sector performance closed negative, as three out of the five major market sectors were down, according to data from the local bourse.
Banking sector (-0.25%), followed by the Industrial sector (-0.02%), and the Consumer goods sector (-0.01%), while the Insurance and Oil & Gas sectors rose by +3.61% and +0.42% accordingly
The equities market capitalization lost ₦7.24 billion due to selloffs, representing a slight decline of -0.02% to close at ₦30,506.24 trillion from ₦30,513.48 trillion yesterday. #Nigerian Exchange Dips as Investors Take Profit on Airtel Africa