Gains in Airtel Africa, 16 stocks push indices further by N417 billion

Despite price losses that outweighed gains, the Nigerian equities market sustained its bullish profile at the end of yesterday’s transactions, occasioned by gains in many highly capitalised stocks, especially Airtel Africa, as market capitalisation soared by N417 billion.

Yesterday, the Nigerian Exchange Limited (NGX) All Share Index appreciated by 774.25 points to 45430.14 points from 44655.89 points recorded on Tuesday.

Similarly, market capitalisation of listed equities rose by N417 billion from N24.059 trillion to N24.476 trillion.

Analysts at Vetiva Dealings and Brokerage firm said: “With one off gains in large-cap names lifting the market today, we expect market to trade slightly bullish with trades in dangote still dominating activity chart.”

Afrinvesr said: “In tomorrow’s trading session, we expect the positive sentiment to linger.” Investors exchanged 252.938 million shares valued at N8.925 billion in 4218 deals against 235.233 million shares valued at N1.918 billion in 4151 deals.

On the price movement chart, 16 stocks recorded price appreciation, while 17 others depreciated in price. Airtel Africa led the gainers, adding 10 per cent to close at N1155.50 kobo.

Cornerstone Insurance followed with a gain of 6.00 per cent to close at 53 kobo. Courtvellle Business Solutions gained 5.26 per cent to close at 40 kobo. Union Bank of Nigeria appreciated by 4.46 per cent to close at N5.85 kobo. Seplat Energy increased by 4.36 per cent to close at N720.10 kobo.

On the contrary, FTNCocoa recorded the highest day loss, shedding 7.69 per cent to close at 36 kobo, while Chi Plc trailed, depreciating by 7.25 per cent to close at 64 kobo.

Regal Insurance shed 6.67 per cent to close at 42 kobo. Japaul Gold fell by 4.76 per cent to close at 40 kobo. Jaiz Bank dipped by 4.55 per cent to close at 63 kobo.

On the activity chart, GTCO Plc was the toast of investors exchanging 25.456 million shares valued at N649.356 million, Dangote Cement followed with a account of 24.453 million shares cost N6.48 billion. FBNHoldings traded 23.094 million shares worth N277.150 million.

Fidelity Bank traded 21.137 million shares worth N57.157 million, FCMB group sold a total of 12.932 million shares valued at N38.790 million