Renewed appetite in Airtel, others lift index by 0.4%

Investors’ renewed appetite for the shares of highly-capitalised (highcap) companies, especially Airtel Africa lifted the all-share index (ASI) by 0.4 per cent at the close of trading yesterday.

The index gained 232.14 points, representing a growth of 0.42 per cent to close at 56,038.85 points. Also, market capitalisation appreciated by N126 billion to close at N30.513 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are Airtel Africa, Conoil, Stanbic IBTC Holdings, Eterna and Transcorp Hotel.

Analysts at Vetiva Dealings and Brokerage said: “We foresee another mixed session in the market tomorrow, as investors maintain their wait-and-see approach to the market. That said, the bullish sentiment in the oil marketing space may moderate as investor optimism in the space begins to waver.”

As measured by market breadth, market sentiment was positive, as 28 stocks gained relative to 24 losers. e-Tranzact International recorded the highest price gain of 10 per cent to close at N4.40 kobo, while Eterna followed with a gain of 9.85 per cent to close at N12.15 kobo.

Pharma-Deko and Cornerstone Insurance gained 9.52 per cent each to close at N2.07 and 92 kobo respectively, while FTN Cocoa processors rose by 9.23 per cent to close at 71 kobo.

C&I Leasing gained 9.22 per cent to close at N3.79 kobo. Honeywell Flourmills gained 9.03 per cent to close at N3.14 kobo. Transcorp Hotel appreciated by 8.69 per cent to close at N10.63 kobo. Japaul Gold garnered 8.11 per cent to close at 40 kobo. Unity Bank also gained 7.69 per cent to close at 56 kobo.

On the other hand, John Holt led the losers’ chart by 9.88 per cent, to close at N1.55 kobo. Multiverse Mining and Exploration followed with a decline of 9.54 per cent to close at N3.70 kobo. Chellarams depreciated by 9.52 per cent to close at N1.33 kobo.

Omatek Ventures lost 9.09 per cent to close at 20 kobo, while SUNU Assurance declined by 8.33 per cent to close at 44 kobo. RT Briscoe lost 8.11 per cent to close at 34 kobo.

UACN shed 5.08 per cent to close at N9.35 kobo. Ikeja Hotel shed 5.06 kobo to close at N2.25 kobo. Veritas Kapital lost 4.55 per cent to close at 21 kobo. First City Monument Bank also depreciated by 4.35 per cent to close at N4.40 kobo.

The total volume traded decreased by 12.79 per cent to 322.495 million units, valued at N5.824 billion, and exchanged in 6,165 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 47.126 million shares valued at N442.314 million.

Access Holdings followed with 39.911 million shares worth N501.775 million, while Guaranty Trust Holding Company (GTCO) traded 30.225 million shares valued at N846.875 million.

Fidelity Bank traded 23.775 million shares valued at N137.278 million, while Japaul Gold and Ventures sold 16.841 million shares worth N6.732 million.