On Thursday, equities investors’ wealth climbed by roughly N467 billion as a result of Airtel Africa’s 9% value leap, which was backed by others. Following a disappointing results report, the telecom provider lost market share.
Because of the market mover’s scale advantage, purchasing activity in telecom firm shares helped to reverse the Nigerian bourse’s dismal performance. The main performance metrics increased by +0.84%.
Despite the recovery, market breadth remained negative. The Nigerian Exchange said that the market index, or All-Share Index, rose by 813.29 basis points to close at 98,156.71. The bargain hunting seen on 15 listed company shares pushed market activity higher. Total volume and value exchanged rose by 15.25% and 24.95%, respectively.
In its market wrap for Thursday, Atlass Portfolios Limited told investors that approximately 409.77 million units valued at ₦8,925.06 million were transacted in 7,296 deals. GTCO was the most traded stock in terms of volume, stockbrokers said. The orange branded financial services accounted for 24.80% of the total volume traded.
Other volume drivers are: ACCESSCORP (8.34%), TANTALIZER (7.35%), PRESTIGE (6.05%), and UBA (5.30%) to complete the top 5 on the volume chart. Stockbrokers noted that GTCO was also the most traded stock in value terms, with 47.87% of the total value of trades on the exchange. GUINEAINS, and ROYALEX topped the advancers’ chart for today with a price appreciation of 10.00 percent each.
The insurers were trailed by 8.97% gain in AIRTELAFRI. Other gainers are: INTENEGINS (+7.84%), PRESTIGE (+5.88%), STERLINGNG (+4.74%), WAPIC (+4.48%), and eight others. Twenty-four stocks depreciated, according to stockbrokers. ETERNA was the top loser, with a price depreciation of -9.89%. Other losers are: FCMB (-8.28%), UNITYBNK (-5.88%), FBNH (-5.36%), GTCO (-5.33%), and WEMABANK (-3.47%).
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Based on the trading pattern, the market breadth closed negative, recording 15 gainers and 24 losers. Nevertheless, the market sector’s performance was negative. Three out of the five major market sectors went south. The banking sector declined by -3.04%, the oil and gas sector dipped by -0.51%, and the consumer goods sector fell by 0.06%. The insurance sector was up by +0.51%, while the industrial sector closed flat.
Overall, the equities market capitalisation of the Nigerian Exchange rose by ₦466.73 billion to close at ₦55.53 trillion.
