Stock Market Returns Positive as Airtel Seeks to Buy Back Shares
With a 1.11% year to date return, the Nigerian Exchange (NGX) on Tuesday records yet another large gain as Airtel Africa announces shares buy back earlier in the week. For four successive trading sessions, NGX has been on a rally mode as the market performance indicators surged by 1.18 per cent.
Read Also: Airtel Africa Moves to Buy Back Shares from Nigerian Shareholders
The positive sentiment was impacted by market momentum in blue-chip stocks, coupled with the investors’ reaction to AIRTELAFRI share buyback, says Atlass Portfolios Limited.
Consequently, the All-Share Index rose by 473.61 basis points, representing a 1.18 per cent increase to close at 40,716.66 basis points. Market capitalization gained ₦246.79 billion to close at ₦21.22 trillion.
Data shows that market activities traded positively, as the total volume and value grew by 113.97 per cent, and 67.63 per cent, respectively. A total of 432.99 million units of shares valued at ₦3.13 billion were traded in 4,377 deals.
In that regard, UNIVINSURE outdid the traded stocks in terms of volume, accounting for 24.27 per cent of the total volume of trades, followed by FBNH (10.69%), ACCESS (7.09%), GTCO (5.93%), and COURTVILLE (5.17%) to complete the top five on the volume chart.
GTCO remained the most traded stock in value terms, with 23.08 per cent of the total value of trades on the exchange. FBNH topped the gainers’ chart with price appreciation of 9.76 per cent, followed by AIRTELAFRI (6.29%), UBA (4.61%), ACCESS (2.73%), ZENITHANK (1.70%), GTCO (1.42%), ETERNA (1.32%), VITAFOAM (1.17%), UCAP (1.08%), DANGSUGAR (0.57&%) and 22 others.
On the other hand, UPL led the decliners’ chart as its share price dipped by 9.63 percent to close at ₦1.22, as CHIPLC (-4.84%), WAPIC (-4.00%), MAYBAKER (-2.87%), NEIMETH (-2.86%), FLOURMILL (-2.34%), WEMABANK (-1.30%), and FCMB (-1.02%) amongst others also declined in price.
The market breadth closed positively, recording 32 gainers and 18 losers.
Stock Market Returns Positive as Airtel Seeks to Buy Back Shares
