Nigerian Investors Gain N192bn As Airtel, Nestle Rally

Stock Market Continues To Hobble, Investors Lose N130bn

As investors shift their positions across important indices in the local exchange in response to a slowing in headline inflation, the Nigerian Exchange (NGX) rises on Tuesday. Market capitalization increased as shares of Airtel Africa, Nestle, and other companies rose. Monday saw a decrease in the market.

The All-Share Index (ASI), which closed at 52,701.31 from 52,348.82 on Monday, increased 352.49 points or 0.67 percent, according to statistics from the Nigerian Exchange.

Additionally, the market capitalization increased by N192 billion, or 0.67 percent, to end at N28.704 trillion, up from N28.512 trillion at the previous trade. As a result, the return for the year as of now increased to 2.83 percent.

The increase was influenced by the increase in the stock price of the telecoms company Airtel Africa. With 15 gainers vs 13 losers, the market breadth as indicated by market sentiment was favorable.

By gaining 10% to end at 3.30 per share, UPDC Real Estate Investment Trust topped the gainers’ table in percentage terms. Chellerams increased by 9.92% to close at N1.33 a share, while MRS Oil increased by 9.93% to conclude at N15.50.

McNichols increased by 7.02% to close at 61k per share, while Sunu Assurances increased by 8.82% to conclude at 37k. On the other side, UPDC, which closed at 94k per share, led the losers’ list in percentage terms by 6.93%.

Linkage Assurance fell by 6.38 percent to settle at 44k per share, while Geregu Power followed with a 6.71 percent gain to conclude at N139. While PZ fell by 5.21 percent to settle at N10 per share, Royal Exchange lost 5.26 percent to conclude at 90,000.

A total of 3,681 transactions totaling 228.49 million units worth N4.44 billion represented a 36.73 percent rise in trading turnover. With 76.74 million shares changing hands for N118.91 million, transactions in Sterling Bank shares topped the list of activity.

Guaranty Trust Holding Company (GTCO) traded 16.76 million shares valued at N401.98 million, while Chams exchanged 17.57 million shares for N5.18 million. Zenith Bank exchanged 11.32 million shares for N276.03 million, and Royal Exchange exchanged 10.65 million shares worth N9.34 million.

The overall value traded increased by 36.62% to finish at around N4.44 billion, while the total volume of transactions increased by 2.99% to close at roughly 228.49 million units. Investors in equities make N192 billion as Airtel and Nestle soar.

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