Categories: Business

Airtel Africa stocks push market to positive close

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3 years ago

Equities trading at the Nigerian Exchange Limited (NGX), on Tuesday, enjoyed positive sentiments as investors interest in Airtel Africa shares drove the benchmark index to 0.5 per cent gain.

Basically, Airtel Africa ended Tuesday trading session with 4.4 per cent appreciation recorded in its share values, thus driving the All Share Index (ASI) higher by 0.5 per cent to 43,444.20 basis points.

Accordingly, the Month-to-Date and Year-to-Date gains increased to +3.3 per cent and +7.9 per cent, respectively.

Also bargain hunting on shares of CUTIX, FBN Holdings, United Bank for Africa and Vitafoam contributed to the overall positive sentiments recorded for the day as the respective share prices of these companies rose by 4.39%l per cent, 8.33 per cent, 1.63 per cent, 1.83 per cent and 0.53 per cent.

As measured by market breadth, market sentiment was mixed, as an equal number of 18 tickers gained and lost.
On a bearish note, there was a major sell-off on Nestle Nigeria and Total shares, leading to a 0.71 per cent and 9.97 per cent loss in their respective share prices.

Performance across sub-indices tracked was largely positive. The NGX Banking, NGX Insurance and NGX Industrial rose by 0.11 per cent, 0.39 per cent and 0.01 per cent respectively. However, the NGX Consumer Goods and the NGX Oil/ Gas indices fell by 0.38 per cent and 2.49 per cent respectively.

Meanwhile, market activity was upbeat as the volume and value of stocks traded ballooned. The total volume of trades increased by 44.4 per cent to 423.83 million units, valued at N11.65 billion, and exchanged in 4,181 deals.

FBN Holdings was the toast of investors for the day under review as it recorded the most traded stock by volume at 223.58 million units, while Nestle Nigeria was the most traded stock by value at N5.64 billion.

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