AirtelAfri, WemaBank, 18 Others Lift Nigeria’s Equity Market Higher to Halt Downtrend

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The Nigeria Local Bourse halted the recent downtrend by a gain of 1.71 percent in the market indicators following investors’ positive sentiment in one of the most capitalized stocks, AIRTELAFRI, and 19 others.

The All-Share Index rose by 876.11 points, representing a 1.71 percent increase, and closed at 52,215.12. While the Market Capitalization gained ₦472.45Bn to increase by 1.71 percent and closed at ₦28.16 trillion.

→ Similarly, the market activities were bullish, as the Total Volume and Value spiked-up by 64.72 percent and 242.43 percent, respectively. About 190.10 million units valued at ₦4.13 billion were transacted in 3,893 Deals.

CAVERTON emerged as the most traded stock in terms of volume, accounting for 24.97 percent of the total volume of trades, followed closely by GTCO (7.81%), UBA (7.74%), TRANSCORP (6.91%), and ACCESSCORP (5.67%) to complete the top five on the volume chart. While MTNN emerged as the most traded stock in value terms, with 37.02 percent of the total value of trades on the exchange.

→ On the profitability chart, WEMABANK and AIRTELAFRI topped the advancers’ list with a price appreciation of 10.00 percent each, trailed closely by INTBREW (5.45%), FLOURMILL (2.15%), GTCO (1.21%), NEM (0.58%), ZENITHBANK (0.45%), UCAP (0.40%), OANDO (0.36%) and twelve (12) others. On the other hand, twenty-two (22) stocks also depreciated, topped by FIDSON and NNFM with a price depreciation of 9.95 percent each, to close at ₦9.41 and ₦8.6, respectively, as HONYFLOUR (-7.41%), STANBIC (-5.96%), DANGCEM (-3.64%), UBA (-1.33%), ACCESSCORP (-0.54%) and WAPCO (-0.19%) also dipped in price. In that regard, the market breadth closed negatively, recording 20 gainers and 22 losers.

→ In the meantime, sectoral performance was bullish as four of the five sectors closed positively compared to the previous session, led by Insurance (0.51%), Consumer Goods (0.33%), Banking (0.10%), and Oil & Gas (0.06%), respectively. While the Industrial Goods sector shed 1.87% following the price decline in DANGCEM and WAPCO share prices.