Stock Market Gains N228bn as Airtel Africa Rallies

Stock Market Gains N228bn as Airtel Africa Rallies

Nigerian stock market gains N228 billion on Monday as Airtel Africa rallies despite a slowdown in its earnings. There was a spike in demand for the telecom company shares which pushed the largest listed company by capitalisation higher by 3.9%.

Thus, the Nigerian Exchange All-Share Index (ALSI) inched higher by 0.8% to close at 54,224.35 points from 53,304.46 on Friday while year to date return advanced to 5.8%.

Overall impacts of the bargain hunting seen in the local bourse amidst uncertainties in the economy lifted equities market capitalisation to N29.538 trillion from N29.310 trillion on Friday.

As measured by market breadth, market sentiment was negative (0.9x), as 15 tickers lost relative to 14 gainers. CAPHOTEL (-9.4%) and VITAFOAM (-7.2%) recorded the highest losses of the day, while CONOIL (+9.93%) and CWG (+9.9%) topped the gainers’ list.

Market data showed that Conoil led the gainers’ chart in percentage terms by 9.93 per cent to close at N38.75, per share. Computer Warehouse Group followed with 9.88 per cent to close at 89k, while Johnholt rose 9.77 per cent to close at N1.46, per share.

Living Trust Mortgage appreciated by 9.57 per cent to close at N2.52, while Tripple Gee garnered 9.55 per cent to close at N2.18, per share. Conversely, Capital Hotel dominated the losers’ chart in percentage terms with 9.42 per cent to close at N2.50, per share.

Vitafoam followed with a fall of 7.18 per cent to close at N19.40 while Chams depreciated by 6.90 per cent to close at 27k, per share. Nigerian Aviation Handling Company (NAHCO) declined by 3.57 per cent to close at N8.10, while Ecobank Transnational Incorporated (ETI) lost by 2.83  per cent to close at N12, per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 46.21 per cent. A total of 154.63 million shares valued at N5.51 billion were exchanged in 3,095 deals.

Analysing by sectors, the Oil & Gas index rose by 0.9%, the Banking index rose by 0.2% and Insurance popped by +0.1%. On the other hand, the Industrial Goods index lost 0.1% while the Consumer Goods index closed flat. # Stock Market Gains N228bn as Airtel Africa Rallies

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